Don't Get Blindsided By Lack of Disability Insurance

(NewsUSA) - Numerous Americans are going to be in deep monetary trouble if they suddenly couldn't do their job due to disability or injury. According to a latest survey conducted by LIFE Foundation, 70 percent of working Americans say they are going to just be able to budget for one month or less of unpaid holiday time before daily expenses are going to force them to go back to work.

The Society of Financial Service Professionals (FSP) urges all Americans to think about what are going to happen if they couldn't return to work within a month. Significant bills are likely to get pushed aside, and debt can start to build.

Unfortunately, this happens all too often. According to a 2005 study conducted by Cornell University, nearly 12 million Americans with work-related disabilities are unemployed. According to the identical survey, 4 million Americans who are not able to work due to disabilities live in poverty.

Numerous Americans think of Social Security as the solution. Anyhow, one ought regularly be severely disabled to qualify, and payments can occasionally take up to six months to start. Social Security benefits rarely cover the cost of living in at present's economy. With one in 13 working-age Americans reporting work-related disabilities, chances are that you or some person in your family could one-time face this tough situation.

If Social Security isn't enough, what other options are there? Disability insurance could be the answer. With disability insurance, you could receive up to 75 percent of your previous income - depending on your occupation, age and medical history - and assure that you and your family don't become another statistic.

Disability insurance has a wide range of advantage, including safeguarding against policy cancellation before the age of 65, residual payments that retain paying if you return to work at a reduced wage and waiting periods as short as 90 days before payments start.

You can select whether to cover just your present occupation or any occupation and can even guarantee that you can buy tomorrow coverage, regardless of medical insurability. These options are selected by the insured and allow for each men and women to select the perfected plan for them and their family.

Best of all, when you - not your employer - pay the premiums, your profit is tax-free, meaning the IRS can't garnish your advantage.

In the end, you and your family may discover it hard to survive if you lose your ability to earn an income. Disability income insurance - either as elementary or supplemental coverage - offers a viable alternative to assure you and your family have the essential financial security to survive.

For more information or to discover a credentialed financial advisor in your area, see the FSP Web site: www.financialpro.org.