According to a recent survey by Northwestern Mutual, only 8 percent of Americans have a disability insurance policy to protect their financial security. Each year, injuries and illness prevent millions of people in the U.S. from working. Keep in mind that it is never too early to prepare for your future and to develop a financial plan.
Most employers offer a group disability policy. But, sometime this doesn’t cut it. In many cases group policies don’t insure the full salary amount and they often don’t insure commission or bonuses. In order to make sure you are completely protected in the event you become disabled and can’t work, you should consider getting additional disability insurance via an individual policy.
Disability insurance is meant to help a working person pay his or her bills and meet his or her financial responsibilities in the event he or she falls ill or suffers a serious injury and is out of work, either temporarily or permanently. But, in some cases, policies do not cover enough, bringing additional stress to the situation.
Having Problems Collecting Benefits?
Even if you have a group policy and an individual policy, sometimes it can be difficult to collect benefits from the insurance companies. The insurance company might delay the process of paying benefits, or may flat out deny the claim. If this is the case, you should speak with an insurance attorney to find out about your rights.
To schedule a consultation with an experienced insurance attorney, contact Michael Grabhorn.