Disability is not something that people want to dwell on, but because of the serious financial implications involved, it is a topic that warrants serious discussion. It is not uncommon for people to make financial preparations to provide for their loved ones in case of their death, but more often than not, disability is not given the same consideration. This can be a costly mistake as disability can be an even bigger financial blow than death because of all the extra cost involved.
Disability is Often Not Work Related
The consequences of a disability, especially something that is permanent or long-term, is something that can cause a huge financial drain on resources. This is because the person suffering from the disability still has financial needs that must be met, on top of whatever medical costs that their disability incurs.
Opting for insurance can help people protect themselves and their loved ones from the financial burden of a disability instead of leaving everything up to chance. Although it is something that everyone hopes they never have to make use of, having an insurance policy in place is worth it just for the peace of mind that it provides. Although it is not something that can serve as a permanent substitute for the revenue that is lost due to disability, it can help to fulfill financial obligations that would otherwise have gone unpaid.
Without Disability Insurance the risk of becoming a financial burden to your loved ones is greatly increased. People often think that disability is only something that should be considered if they work in high risk occupations, but this is not the case. According to the Council for Disability Awareness the most common causes are actually illnesses such as cancer, diabetes and heart attacks. Also ranking high on the list is arthritis and back pain. Because many of these causes are not work related, but instead a consequence of lifestyle choices, they are not part of workers’ compensation.
Disability is Something That Can Happen to Anyone
Although it is possible to opt for short-term insurance when it comes to disabilities, which typically comes with lower monthly payments, it can leave individuals to fend on their own if the benefits run out. Short-term insurance can be a good option for a person who is not the primary breadwinner in the family, but in most cases opting for long-term insurance is the safest bet. According to data provided by the Census Bureau there were close to 57 million people suffering from a disability in the United States alone in 2010. The fact that 17 percent of them were people between 21 and 64 clearly indicates that it is something that can happen regardless of age.
It is easy to dismiss this type of insurance as something that will never be needed or to ignore it in order to save money, but in the long run, this can be very costly. Disability is clearly a factor that anyone regardless of age, gender and race should give serious consideration to.