If you are like many people, you probably already know about Social Security disability insurance. As you probably already know, if you become disabled, you can apply for disability payments through Social Security to help you cover your living expenses. What you might not realize, however, is that there is separate coverage that you can purchase for yourself: private disability insurance. These are a few benefits of purchasing this type of coverage.
1. It May Not Cost as Much as You Think
For one thing, you shouldn't assume that you will have to spend a lot of money to purchase private disability insurance. Many employers offer it as a part of their compensation packages. Also, if you shop around, you may be able to find a policy that is surprisingly affordable, but that can really help you out if you become disabled at some point in the future.
2. You May Qualify for Disability More Easily
Some people find that getting approved for disability payments through the Social Security Administration is difficult. Depending on the policy that you choose and the company that you purchase your private disability insurance from, however, you could find that getting approved for disability is much easier than it would be if you had to go through the Social Security Administration.
3. It Can Be a Better Replacement for Your Income
If you become disabled and are unable to work and rely on Social Security disability insurance, then you might find that your monthly payments will not actually cover the amount of income that you have lost. Many people find SSDI payments to be quite low, which can obviously be a big problem if you have a mortgage and other bills to cover and a family to take care of. Depending on the policy that you choose when purchasing private disability insurance, you might get a much higher payment each month. This can make it easier for you to maintain the same lifestyle if you do become disabled.
As you can see, there are quite a few reasons why purchasing private disability insurance can be a good idea. For these reasons and more, you may want to talk to your employer to find out if this option is available through your job. If it's not, then you may want to look into purchasing coverage yourself. You might just find that this type of insurance will be a lifesaver if you are injured and cannot work any longer.
For more information on disability insurance claims, contact your local insurance agency today.
Share17 March 2018
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