Thinking that you won’t be disabled at any point in your life is a hallmark sign of complacency. We all experience accidents and we all get sick in life, and many times those two things happen to us while we’re on the clock for our employers.
According to the nonprofit organization Council for Disability Awareness, roughly one-fourth of today’s workforce risks getting disabled before reaching the mandatory age of retirement. Since being inflicted with any disability, whether physical or mental, can force you to take an extended leave from work, you should have disability insurance to cover any wages that you’re sure to lose as a result. However, as you might have little to no clue at all about disability insurance, you should take note of the following considerations before getting it for yourself:
- You’ll have to determine if your current work is dangerous enough to justify your purchase of disability insurance.
Not all kinds of work are equal, as some of them are more dangerous than others.
- Insurance providers have something called a Standard Industry Code for almost every job that exists right now. The classification system makes it easier for them to figure out which industries are high-risk, and for which jobs disability insurance is recommended.
- If you’re working in a high-risk industry, you’ll surely have an easier time getting disability insurance. But if your job doesn’t have as many risks, you may have to explain to your provider of choice why you’re seeking disability insurance.
- The earlier you get yourself disability insurance, the better.
Why wait for yourself to become disabled before getting or using disability insurance if you can already get yourself a policy while you’re still physically and mentally able to do so? After all, a disability insurance provider will require you to undergo a medical exam as well as ask about your medical and prescription history so they can figure out how much coverage are they willing to give you.
- You’ll have to cancel your disability insurance once you reach your mandatory retirement age.
Disability insurance isn’t the same as life insurance, in case you find yourself interchanging the two.
- The disability insurance that you may purchase from your chosen provider will only be of use to you until you celebrate your 65th birthday.
- Once you reach 65 years of age, your disability insurance will not be accepted anymore and you’ll have to drop it and use your retirement benefits instead.
The mere concept of getting disability insurance might still be foreign for most workers, as 67% of those working for private companies still don’t have this insurance to this day. This doesn’t mean that you should include yourself in that statistic, as you don’t want to end up being broke after suddenly becoming disabled due to a work-related accident or an illness that you’ve contracted. Getting a disability insurance policy in place for yourself might be the best idea. But before you get yourself this insurance, you should read the above considerations and talk to a lawyer as well, in case you have any further questions about it.