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Disability Insurance And Loss Of Income

If you are like most people, the mere mention of insurance is enough to make your eyes glass over. Well, wake up. This is important. You need to take some important steps.

Complete all the forms they give you as quickly as possible. Send any other information, such as medical records, as quickly as possible. Request the records yourself and send them to Social Security; you may be able to do that sooner than the claims specialist will. Make a follow-up call about a week after you mail any information to make sure it was received. If it wasn’t, mail it again (always keep copies of anything you send them).

If you worked and paid in to the social security pool for at least ten years, you are entitled to social security once you retire. It is more difficult to get disability benefits if you become disabled. The strenuous laws which make it difficult to get disability benefits also make it more difficult to scam the system. Once you apply for disability you can be assured of a wait of at least two years. It isn’t that simple to apply for disability on your own even though anyone can fill in an application and answer questions.

Have you prepared for the day you or your spouse may no longer be able to earn a living but may need home health or community care? If so, do you know how much of your income will be replaced by Social Security, group long-visually impaired store or by your own disability income insurance plan? Also, do you know much of your critical or long term care expenses will be covered by Medicare or private insurance? How much of your assets will still be available for you or your spouse if one of you needs a year, two years or five or more years of long term care.

Chances are that you will be turned down for disability the first time you apply. You may even be turned down the second time. By the third time, you will probably decide that you really need to hire an attorney. Listen to all those television ads that go on about helping people get their disability. You are going to need one of these people to defend you in court. Will you, yourself, have to appear in court; probably not. These people are pretty well prepared. Their cases usually sell themselves to the judge and the person usually ends up getting his disability payments all the way back to where he or she first stopped working. The attorney will take a portion of the award as his or her fee. It will be money you never had so you won’t even miss it.

For the dependent, you really do not need whole life insurance for a child unless you want to start a foundation in their memory or make a donation to their favorite charity if they pass on. And, if these are your plans, then you may be better off buying an affordable whole life insurance policy for them altogether.

Finally make a date on the last evening of every month to review your goals. Don’t wait until the end of the year to make corrections or to see that you are on track.

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