Learn how disability insurance works

Should You Buy Private Short Term Disability Insurance?

Filed under: Disability Insurance — Alston @ 5:21 pm February 18, 2011

Buying a private disability insurance plan can replace lost income when a medical condition or an injury keeps you from going to work. It can really pay off and greatly add to your financial security. However, short-term plans have a major and obvious flaw.

They are short-term answers to a potentially long term problem. This means that by purchasing such a policy is a gamble. If you are disabled and are able to go back to work after a short period of time your gamble would have paid off. However not everyone’s health improves quickly enough to make this a good solution.

If you are not able to get back to earning an income before your policy stops providing benefits you will have real problems. You might qualify for Social Security benefits after 2 years, but you may not be able to survive on the paltry sums you they may pay you. Your claim may be denied or delayed. (The earliest you can receive Social Security benefits for most disabling medical conditions is 2 years after your disability has started.)

For many ages and professions private long-term disability plans will be available. By paying a little bit more, you may be able to get a longer term benefit that can pay you until you reach age 65 if not longer.

Unfortunately long-term disability coverage isn’t available for all professions or for all people. Insurance companies may limit the benefit period to 2 years or 5 years for carpenters and others who are more easily disabled. They can also deny coverage based on one’s health history.

A private short-term disability insurance policy can add to your financial security. Long-term disability policies, where available, can provide a more optimal solution however.

You can protect your ability to earn an income. Not being able to work due to a medical event that is no fault of your own shouldn’t destroy your life. Take the first step and request private long-term disability insurance quotes and information from competing companies through this site.

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