How Can I Pay Long-term Disability Bills Without Proper Insurance Coverage?
Earlier this summer, the story of bride-to-be Rachelle Friedman circulated the Internet, gaining popularity due to both its tragic themes and its message of hope and courage. Friedman became paralyzed after an accident during her bachelorette pool party. The hopeful note, despite her injuries, comes into play in finding out that she is still working toward her goals including having the wedding of a lifetime despite her hindered mobility Moreover, she is pressing on and continuing to live her life, no matter what may come her way.
It's the kind of tale that provides hope through a reminder that life carries on. However, it also raises the topic of disability insurance. You may be wondering what disability insurance is, and how it can be of assistance to a family who needs it. We'll explain this financial tool and its merits for you here, so you can understand whether it's the kind of insurance in which you would like to invest your money and time.
In Friedman's case, the injury that resulted in disability was an accident, a seemingly harmless, yet admittedly careless, act that went quickly from fun to misfortune. In many instances, though, injuries could be caused by one's job, or their pastimes. For example, a construction worker goes to his or her job every day and is faced with dangers such as malfunctioning power tools or accidental falling objects. Or, consider the thrill-seeker, who is prone to injury due to the extra-curricular activities in which they choose to engage. Both of these types of people would benefit from having a disability insurance policy.
To put it basically, disability insurance is an insurance policy that will replace your income if you are rendered unable to work as the result of a serious injury. The policy's benefit will be paid out as a replacement for some of your income as much as 70% of it until that time when you are either able to begin working again, or you turn 67 years of age. When you see how a disability insurance policy serves a family, it becomes easier to understand why those in danger often may want to consider such a product as part of their overall financial plan.
Beyond disability insurance, a person should make sure to have an emergency fund one that consists of more than just an infrequently used credit card. Rather, this should be a savings account of some sorts, preferably one that comes with a high interest rate. This account, and the funds it holds, should only be touched for two reasons to add money to it, or in the event of an actual emergency that would otherwise compromise your family's finances on a long-term basis.
If you're wondering about the kind of insurance options out there that may apply to you, your lifestyle and your needs and the needs of those around you that depend on you reach out to us for more information and a detailed consultation.
by: David Clifford