October 1, 2013
Disability Insurance: What is it? Do you need it?
Source: Ted Stearns is the CEO of eDisabilityQuotes, a company that connects individuals with the best disability insurance policy for their needs.
In today’s day and age, consumers are well aware of the importance of buying the right types of insurance. However, some policies often times get “swept aside” in favor of those that are more common.
If you have never given any thought to purchasing disability insurance, now may be the time to reconsider.
Like many, you may be struggling with the idea of buying this type of coverage because you don’t know what it offers, how much it costs, or what you are going to get in return.
Fortunately, we called on the professionals at eDisabilityQuotes to clear things up.
Disability Insurance Details
Once you make your way through the following question and answer session with Ted Stearns of eDisabilityQuotes, you will better understand the finer details of disability insurance.
For those who have never heard of disability insurance, can you explain what it is and who it covers?
Disability insurance provides an income to you and your family if you are unable to work because of illness or injury. It is a form of insurance that financially protects a person if they become disabled. According to studies, 1 in 5 Americans will become disabled before the age of 65. It is often assumed that disability insurance only covers catastrophic events, however, that is not the case. Disability Insurance can protect you from any injury, short-term or long-term, that can impede your ability to earn an income and maintain your standard of living.
What are the primary benefits of purchasing a disability insurance policy?
Planning for future financial security is very difficult within our current society. Statistics show that 70% of Americans live paycheck to paycheck and would not be able to survive longer than a month on their personal savings if they were inflicted with a major injury or disease. Disability insurance allows for a safety net to be put in place at a minimal cost. Unlike life insurance which only benefits your family in death, long-term disability insurance will help cover the cost of your home, cars, and many other assets that would be in jeopardy if you lost your ability to generate income. Long term disability will continue to pay you up until 70 years of age.
What would you tell people who think this coverage is a waste of money?
Your ability to earn income is arguably your most valuable asset. It is commonplace to insure vehicles, your home and your health…but not your ability to earn a living. On average a person working 30 years at a modest salary will earn in excess of 3 million dollars over that duration. For the middle class of America, that money is indispensable when it comes to paying bills, buying food and living a normal lifestyle. Statistics show that in the US a disabling accident occurs on average once every second. In fact, there is approximately 63.2 million Americans currently living with a disability, and 1 out of every 5 persons in the US workforce will suffer a disabling injury before retirement. As the old adage says, an ounce of prevention is worth a pound of cure. Based on the relative price to protection you receive, disability insurance is one of the most cost efficient insurance solutions available.
What are the benefits of shopping for and receiving quotes online?
There are a few specific advantages to shopping for disability insurance online.
1. Convenience. Purchasing a disability insurance policy is typically a lengthy process to complete. By shopping for disability insurance quotes online, you can receive quotes from the top carriers privately and forgo researching multiple carriers and jumping through the many hoops to eventually receive a quote. Purchasing online allows the user to compare comprehensive quotes instantly, and streamlines the application process by saving weeks of time and piles of paperwork.
2. The majority of brokers do not sell disability insurance and they are unfamiliar with the product to properly advise their clients. Additionally, most brokers may only be able to offer 1 or 2 disability insurance products to their clients which limits the number of policies the client can choose from. By using an unbiased source like eDisabilityQuotes, who specializes in disability insurance, you can be assured that you are speaking to an expert whose job is to make sure that you get the best policy available.
3. By going directly to any carrier, you are limited to the plans and policies that they have available. Depending on how conservative or aggressive the carrier is with their policies, price ranges can fluctuate greatly. eDisabilityQuotes is the only unbiased online marketplace for disability insurance that will shop major carriers for the customer so they can find the best policy available for their needs.
Now that you have a clear understanding of the finer details associated with disability insurance, you can make an informed decision as to whether this is a type of coverage you need to purchase in the near future.