In all of the years that I have been working as a Disability Insurance advisor I have seen many people’s reactions when I say the word Disability. People do not like that word and they definitely don’t like talking about being disabled. But, in the insurance world, and specifically talking about Disability Insurance, the word “Disability” is not what you may think.
Disability: What It Could Mean
When you are in the process of obtaining Disability Insurance it is extremely important to note what the insurance company exactly means by “disability” and “disabled” because it can vary. So it is imperative to read your policy thoroughly and ask all of your questions.
In general, the meaning of being disabled can range in the Disability Insurance world. But, for the most part, it means that you have experienced an event that does not allow you to work. Here are some examples:
- Injuries from car accidents, work accidents, risky hobbies, etc.
- Broken/fractured body parts
- Sudden illnesses
- Permanent Disability and not being able to recover
But, the term Disability, can also extend to mean other things as well, such as:
- Mental Illness
- Substance Abuse
The 3 above mentioned (mental illness, substance abuse, pregnancy) are things people don’t normally think about when they think of the term Disability. In today’s world, people are more likely to be affected by a mental illness and/or substance abuse than before. These are very real circumstances that can happen to anyone at anytime. Pregnancy can also be considered a Disability, because it can cause you to not be able to work (especially after giving birth).
From Disabled To Recovered
Being disabled in the insurance world does not necessarily mean you are completely disabled forever. It can mean being injured/sick/pregnant/mentally ill for a period of time, but recovering and getting back to work. This is why Short Term Disability and Long Term Disability exists. You are able to choose which kind of policy you want to get when you first purchase a policy.
Work With An Advisor
By working with a Disability Insurance advisor, you are able to customize and create a policy that will work just for you. This can include the above mentioned circumstances. You will also be able to take into consideration your lifestyle and budget. This is essential because not all policies will include things that may be to your benefit (pregnancy, mental illness, etc.) Policies obtained through employers are often not designed to protect the client and instead are in the interest of the insurance company.
All in all, the term Disability can mean a wide variety of things. The trick is to work with an advisor in order to create the policy that will work for you when you most need it. Choosing short term versus long term can make a difference as well. Remember, you must have a policy in place before becoming disabled in order to reap the benefits of it. That’s why its imperative to act now and get a Disability Insurance policy before you even need in order to protect your financial future.
Invest in Disability Insurance
Our experienced advisors can assist you with anything related to Disability Insurance. They can answer all of your questions and create a policy just for you. Call us at (800) 788-8921 or fill out our brief Contact Form in for one of our advisors to contact you.