Although most of us are offered certain types of health and disability insurance policies by our employers if they're rather large companies that greatly value their workers, such policies usually have well-defined limits. It often requires the private purchase of an all-encompassing disability insurance policy to protect yourself (and your family) if you should suddenly become so disabled that you cannot keep working at your chosen profession.
Yet determining how likely you are to personally become disabled during your prime years in the workforce can be rather tricky to estimate, unless you're in a very high-risk job such as law enforcement or construction work. One problem involved with making this evaluation is that so many of the organizations that publish such statistics are rather biased – they are often trying to sell disability insurance policies – or other related products or services to you.
For this reason, government statistics are probably the most reliable. According to an article in USA Today, the Social Security Administration has said that, “Just over one in four of today's 20 year-olds will become disabled before reaching age 67.” That’s a very striking figure. Considering how few Americans currently buy private disability insurance (compared to other insurance policies), we should all carefully review more information about our personal chances of becoming disabled during our work lives – especially in light of the SSA’s rather dire, fact-based prediction.
Be Sure to Carefully Review All Common Causes of Disability Risks
Your family history. Whether you choose to have any genetic testing done or not, every family has its own special predispositions toward certain diseases and illnesses that can worsen to the point of so disabling a person that s/he must leave the full-time workforce much sooner than planned. If you’ve watched numerous family members suffer major complications in their later years due to diabetes – or any other serious chronic illness, give very serious thought to purchasing disability insurance. After all, a good diet and plenty of exercise can only carry a person “so far” in life;
Your chosen profession. As already briefly referenced above, be honest with yourself about how dangerous a profession you're really in. Also, if your job requires you to regularly drive in rush-hour traffic or across great distances, factor in your heightened chances for accidents. After all, your own good driving record means nothing to a drunk driver heading in your direction on any given day;
Your chosen sports, hobbies and vacations pursuits. Even if you are the best skier on the slopes or the most talented hand-gliding sports enthusiast in your group, accidents still happen quite regularly;
Where you live and work. Read what you can find about the safety of living and working in your particular part of the country. Some areas are highly prone to regular tornadoes, hurricanes, mudslides or floods. Keep in mind that many people not only lose their homes and possessions during these (regularly increasing) catastrophic events – they often suffer permanent, lifelong disabilities as a result of these tragedies.
If nothing else, be sure to at least obtain a few competitive quotes from reputable disability insurance companies servicing your area. You may wind up making a purchase that will greatly improve your life one day. After all, even if you qualify for Social Security benefits, they rarely ever cover all of a person’s most critical monthly expenses. Likewise, workers’ compensation insurance has clearly defined limits and will definitely not last anywhere near as long as you may one day hope.
To obtain help with handling all of your Georgia business planning needs, please contact the Law Offices of Shane Smith today. You can schedule your free initial consultation with a knowledgeable Peachtree City estate planning attorney by calling: (770) 487-8999.