The fascinating thing about life is that one is never certain about what will happen. Although this can result in wonderful surprises, it can also manifest in unfortunate ways. Since it is impossible for individuals to predict the future, the only other option to deal with future unfortunate events is to prepare for them in case they happen. This is especially important for those that have people depending on them.
As workers’ compensation lawyers, we advise individuals to protect themselves and their families with disability insurance. Unlike auto insurance and homeowner’s insurance, which are required in order to possess a vehicle and a home, one does not have to have disability insurance in order to stay employed. Disability insurance provides you coverage for lost income in case you become sick or injured and not be able to work. Disability insurance makes sure you will still receive income so that you and your family can survive during your recovery.
Why is disability insurance important? First, there is a 25% chance that a twenty-year-old will become disabled before retirement. Second, although workers’ compensation covers work injuries, many injuries and conditions are not work-related. Third, workers’ compensation does not cover 100% of your losses.
There are different types of disability insurance that can greatly affect the benefits that you receive. Group insurance is usually the type of disability insurance that is offered through your employer and there is individual insurance that is purchased independently from an insurance broker. Although group policies cost less and are less stringent with requirements (for example, an individual policy often requires rigorous physical examination), they may be taxed more and may only cover total disability. It depends on the type of disability insurance offered so it is essential that one understands their rights and benefits when purchasing any type of disability insurance.
You never know what hand you’ll be dealt in life, so it is important to protect the well-being of you and your family by finding the best disability insurance policy for you. Kaplan Morrell is more than willing to help you every step of the way with regards to upholding your rights and getting your claims from concerned employers. Contact us at 303.780.7329 for a free consultation so that you can be in safe hands.