Try as you might to dismiss it as something that isn’t likely to happen anytime soon, becoming disabled occurs more often than you think. In fact, the nonprofit organization Council for Disability Awareness states that at least one out of every four people in today’s workforce could be disabled at any point throughout their working career before they can reach retirement age. Having a physical or mental disability can force you to take some time off work, which means losing some of your wages. Becoming disabled also often means you will begin to incur doctor bills, prescription costs, trips to specialists or hospitals, and more. Your medical bills will increase quite a bit, while your income may diminish or even disappear completely. You should consider getting disability insurance. But as you may be clueless as to why you might need disability insurance, here are some considerations:
- The more dangerous your current job is, the better your chances of easily getting disability insurance.
Some jobs inherently carry far greater risks than the typical kind of work that only involves sitting at a desk for hours on end and typing in front of a computer screen. Insurance providers make it a point to identify jobs that are high-risk so they’ll know which workers are more likely to need disability insurance. If your current line of work is in an industry identified as high-risk, you might get your disability insurance faster and more easily than a desk worker. Otherwise, you may have to explain to them why you plan to purchase disability insurance at all.
- Get disability insurance while you’re young and your health is in its prime.
You shouldn’t wait until you’re disabled to think about disability insurance. Your insurance provider would, in fact, appreciate it if you get yourself disability insurance while you’re still of able body and mind, especially as they’ll need you to undergo a medical exam and tell them about your medical and prescription history.
- Once you reach the mandatory age of retirement, your disability insurance is not in effect anymore.
It should be made clear here that disability insurance isn’t the same as life insurance, since the former has a set limit of 65 years of age. You’ll have to drop your disability insurance once you turn 65 years old and use your retirement benefits in place of it.
You aren’t alone in having little to no idea at all about disability insurance, as 67 percent of workers in the private sector still don’t have this type of insurance. You wouldn’t want to be part of a sad statistic, though, as becoming disabled can set you back financially to the point where you might end up broke and asking for money from other people.
To prevent that scenario from happening to you, you should procure disability insurance and let it take care of all your disability-related expenses. Take a look at the above considerations before getting yourself disability insurance, and speak to a lawyer about it as well.