There are some myths about insurance in the minds of many people and that hover around disability concerns in a large part. It’s good to be confident about your ability to work hard and party harder but that’s not quite living the great American dream unless you work smart as well. Life is no less a bet when we consider the dangers and disruptions that can affect our livelihood. When the going is good and you are getting a good salary that not only allows you to take care of your family but also spend significantly on lifestyle, you tend to overlook the need for covering against disability. Smart folks know that some mishap or disruption is always lurking around and it’s best to cover against such eventualities.
Unfortunately, there are many who nurture some myths about getting disability insurance that are not based on sound reasoning. Here are a few myths that you need to stay away from.
1. Your employee compensation will cover you fully
You get partially compensated as an employee only when you get injured while working. That is reassuring but what about an accident that occurs outside your workplace and before or after your working hours? Also, what about an illness or medical condition unrelated to your work that disables you? If you face such a situation, your employee compensation package won’t cover your disability.
2. Employee compensation and disability coverage cannot be bundled
Your employee compensation coverage can easily be combined with your disability insurance coverage and the package can be customized by the insurance broker agent advisor to offer an optimally priced policy to your employer. This will cover you for disability due to accident at the workplace as well as disability due to accident or illness outside the workplace.
3. Disability insurance covers treatment cost
Just as your automobile insurance doesn’t cover your treatment cost for injuries caused by an accident of the insured automobile, your disability insurance doesn’t cover the cost of your treatment either. This insurance partially covers loss of your income due to disability.
4. You will manage the period of disability somehow
That is not confidence but overconfidence and we all know that the cause of some of people’s biggest mistakes had resulted from overconfidence. Merely ignoring disability news stories and avoiding the little investment on disability insurance is not a wise idea in the times we live in. Unless you are really affluent with a 6-7 figure cash balance, don’t make the mistake of not getting disability insurance coverage.
5. Disability is caused by accidents only
There are a large number of people who think that disability can only occur due to serious injuries sustained in accidents. However, if you read disability articles, you will know that 95% of all claims for long term disability are not the outcome of accidents but induced by illnesses. Is it all that difficult to see that there are many medical conditions that not just disable people from working but actually make them bed-ridden for a long time?
People can have misconceptions about many things but when it is about something that is directly related to their lives and livelihood, it is better to keep an open mind for truth to set in. If you are really not sure about the benefits and scope of disability insurance then speak to a reliable broker advisor recommended by somebody you know and trust.
