Common Misconceptions about Disability Insurance!
Do you have all the relevant facts you need to make a wise decision about disability insurance? Many people assume they have all the information necessary to make up their minds regarding this type of insurance, but this isn’t always the case. Don’t wait until you’re facing a long term disability to learn what “they” don’t tell you about disability insurance.
Here are Some Common Misconceptions about Disability Insurance:
Misconception #1: It’s not difficult to qualify for disability insurance benefits.
Fact: Fewer than 35% of the people who apply for social security disability benefits are approved.
Misconception #2: Everyone who works qualifies for social security benefits following a disability.
Fact: In order to be eligible for disability benefits, you must have worked at least 10 years in a job in which you paid into the social security system.
Misconception #3: Social security provides sufficient disability coverage.
Fact: The average social security disability insurance benefit, for those who are approved, is $722 per month.
Misconception #4: Employer-paid group disability policies are preferable to individual policies.
Fact: There are many drawbacks associated with employer-paid disability insurance, including the facts that coverage can be lost upon separation from employment and benefits received are taxable as income.
Misconception #5: All long-term disability insurance policies are essentially the same.
Fact: There are many significant differences amongst disability insurance policies, including the waiting period, length of benefits, and how disability is defined.
Misconception #6: Disability insurance isn’t as important as life insurance.
Fact: While life insurance is quite important, it’s not accurate to say that it matters more than disability coverage. It’s a fact that a 42-year-old adult is four times more likely to experience a disability during his or her working years than to die during the same time frame.
To get a quote for disability insurance contact Campbell & Boyd!
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20 Technology Dr, Ste 4
PO Box 1260
Brattleboro, VT 05302
tel: 802-257-9500
email: ddboyd@campbell-boyd.com
