Disability Insurance Indiana IN
Reader’s Question:
A friend of mine from work in Indiana is physically unable to work. He said he needs to get back to work quickly and that his family’s whole life has changed because he cannot work. I need to learn about disability insurance.
Fred
Fort Wayne, IN
Good move, Fred.
Being unable to work has serious repercussions. More than 30% of Americans will be disabled for an extended time before they turn 65. That’s scary.
Disability insurance is a valuable coverage to help families meet their financial obligations and sustain their lifestyle during trying times. Many employers offer group disability insurance and Social Security disability benefits are sometimes available, but both these programs have limitations which generally mean dramatic lifestyle changes.
You should check into your group disability coverage at work. Generally, it covers less than 50% of your income and may have narrow time limitations. Also, workplace disability coverage does not allow for commission or bonus replacement. One thing’s for sure and that is that if you are disabled, your family’s bills will not go away. Supplemental or flexible disability insurance may be a viable solution and you can always find one in Indiana.
A helpful way to think about disability coverage is to add up your monthly expenses and measure those against your work disability program. My guess is that you will see a serious shortfall. Now, imagine being out of work for two years, which is the average disabled period.
Disability insurance is serious. It is hard to contemplate, but it is worth the time to do your homework and protect your family. Hope this helps, Fred and good luck.
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