Private Disability Insurance and Social Security Disability Benefits

Monday, February 8, 2010

Disability insurance is often overlooked by the young, healthy adult. It often doesn't make sense to invest in a disability policy when a budget is already stretched to the limit. Unfortunately, disability insurance can only be purchased if a person is in good health and not when they are fighting a potentially disabling disease.

Private disability insurance payments do not affect social security disability payments.

If a private disability policy is purchased and in effect when a person becomes disabled, private disability payments will be paid in addition to any social security disability benefits that the disabled person may be entitled to.

This is significant because social security disability payments will be pretty low and many people will find that a huge change in standard of living will occur. Some private disability policies will pay the insured double SSDI amounts, giving the disabled a total payment that they can comfortably live on.

Disability insurance is not often available to those with certain pre-existing conditions.

Insurance companies are a for profit business and it is smart business not to insure people who are at risk of getting sick in the near future. People with potential pre-existing conditions should consider applying for disability insurance before it is too late. Although it may stretch a budget, purchasing disability insurance when young and healthy is a wise investment for the future.

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