When people consider insurance, they think of homeowners’ insurance, car insurance, and life insurance, among others. Individuals rarely consider disability insurance. If your health is impaired to the extent that you are unable to work, then a disability lawyer will come in handy. The attorney will help you claim for your insurance compensation, thus ensuring your financial needs are catered for even after the unfortunate event of disability.
Many people are hesitant to apply for disability insurance due to the horror tales that are usually told. However, most of these are myths, and you should not allow them to discourage you. Here are five of the common myths and misconceptions.
Employers offer adequate coverage for disability through group insurance policies
Most of the group insurance policies provided by employers will only cover up to 50 percent of salary in case an employee becomes disabled. There are also some criteria that must be met, and the benefits are limited to some weeks or months; beyond which the coverage is no longer valid. You are allowed to take a separate insurance policy besides the employer’s group coverage. You are liable for a reduction in premiums for your insurance in case you have group insurance as well.
Disability insurance is exclusively for the physically challenged
It is a false belief. The insurance covers both short term and long term disability. Therefore, you are cushioned from unexpected events such as accidents (like car accidents) or illnesses (like cancer which causes chronic pain), that make it difficult for the victim to work again. For an individual to receive compensation, the events affect their income directly. Some disabilities might be temporary while others are permanent. Thus, one may want to consider switching jobs as per the type of disability.
Long term coverage is costly
Whether short term of long term, disability policies are not expensive. Most plans cost between one and three percent of a person’s income. The cost is quite fair, considering that in the case of disability, the insurance company can compensate full salary and wages of the insured. At times, they even replace part-time incomes. The policy will also cater for medical expenses. To get fair rates, it is advisable to obtain quotes from various providers and settle for the best.
The insurance policy should only be obtained when one becomes disabled
If one wants to get the coverage at little cost, it is advisable to purchase the system when one is not handicapped. If you buy it later, it might be at an excessive cost. Get quotes in advance and select the insurer that suits your needs the most.
Social security administration offers impeccable insurance coverage
It is a top disability myth. While social disability programs are commendable, they require one to meet some specifications. For instance, you should have paid a certain amount of social security taxes for you to receive short-term disability benefits. There are also additional wages requirements, and the program covers up to 6o percent of actual cost. These factors make it difficult to rely on the program. If you would like to learn more, visit Disability Lawyer Toronto and check out their online resources.