For many families where one or both of the spouses are working as employees, disability insurance can be provided by the employer as part of the group benefits package, although this is not always the case. In large organizations disability insurance in group plans is a standard, but in smaller organizations the disability insurance is often left out of the group benefits package.
The first thing to realize is that most disabilities that occur as a result of accidents do not happen at work. They happen at ski hills, car accidents and other non-work-related activities.
The other way people get disabled is as a result of an illness. For many insurance companies more claims are paid out for illness than for accident.
If you are an employee with disability benefits talk to your administrator and learn about the plan you have. Ask about the definition for total disability? Find out how long you could receive benefits if you were disabled? And lastly find out if the company changes the definition of disability part way through a claim. Example does the definition change in month 24 of the claim.
If you do not have disability insurance in your group plan what would happen if you suffered an accident or if you became ill? Where will the money come from so your family continue in the lifestyle they are used to?
At Vistaplan Financial Group we place a lot of emphasis on disability insurance coverage. The main reason is that at any one time we have a handful of clients on claim.
The risk of suffering a disability is so much higher than collecting on your life insurance that disability insurance should be considered in every financial plan.
To get a disability insurance quote you need to tell us the following:
At Vistaplan Financial Group our focus is to help you understand the complexities of disability insurance.