No one plans on becoming temporarily or permanently disabled. However, people get injured in car accidents, develop serious illnesses, or have to undergo surgical procedures which leave them either temporarily unable to work or permanently unable to work. A private disability insurance plan can help to cover your lost income if you find yourself in this situation. Unfortunately, there are many myths out there surrounding private disability insurance, and people are deterred from buying because of these myths. Here are three common myths related to private disability insurance and the truth surrounding these myths.
1. You Don't Need Private Disability Insurance. Social Security Disability Insurance Will Cover You.
One of the biggest myths out there is that there is no need for private disability insurance because social security disability insurance will cover you if you cannot work; this is not true. Social security disability only covers certain disabilities, most of which are permanent in nature. Social security disability insurance is extremely limited. A private disability insurance plan covers far more disabilities, including those which are only temporary in nature.
2. You Don't Need Private Disability Insurance If You Have an Employer Disability Insurance Plan
Another myth related to private disability insurance is that you don't need private disability insurance if your employer offers you short-term and long-term disability plans. However, most employer-sponsored plans only cover 40 to 60 percent of your income. Private disability insurance pays up to 100 percent of your salary, depending on the plan you select. And many plans can supplement, or pay the difference between what your employer-sponsored plan pays and what you normally earn.
3. You Have to Jump Through Hoops to Get Your Private Disability Insurance Payments
The last myth related to private disability insurance is that you have to jump through hoops to get private disability insurance payments. In order to get these payments, you will have to supply information from your doctor to the insurance company that states the nature of your disability, what your work restrictions are and when you are expected to be able to return to work. However, outside of this, getting your benefits is not challenging. As long as your doctor states you cannot work and will put it in writing, there are no hoops to jump through.
If losing your income due to an injury or illness would financially ruin your life, having private disability insurance can help to protect everything that you are and have worked for. Contact an insurance agent today to learn more about private disability insurance or to obtain quotes.