What Is Disability Insurance?
The definition of a Disability can vary from person to person. However, this is how Social Security Administration defines disability: “Disability” under Social Security is based on your inability to work.
We consider you disabled under Social Security rules if:
- You cannot do work that you did before;
- We decide that you cannot adjust to other work because of your medical condition(s); and
- Your disability has lasted or is expected to last for at least one year or to result in death.
The Social Security Administration has written the above is a strict definition of disability. Social Security program rules assume that working families have access to other resources to provide support during periods of short-term disabilities, including workers’ compensation, insurance, savings, and investments.
Disability benefits are not payable for partial disability or for short-term disability.
The chance of being disability is a subject that most people do not like to think about or discuss. Disability Insurance needs to be addressed.
The Social Security Administration published: The chances that you will become disabled probably are greater than you realize. Studies show that a 20-year-old worker has a 1-in-4 chance of becoming disabled before reaching full retirement age.
Why Does A Person Not Have Disability Insurance
Reasons why an individual hesitates to purchase Disability Insurance?
- Denial is a reason some people hesitate to purchase disability insurance.
- The individual does not work outside the home so they do not realize they can acquire disability insurance.
- They may think the cost of Disability Insurance is too expensive.
Disability Insurance Is Expensive But Priceless.
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