Do I Need Disability Insurance?

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Do I Need Disability Insurance?
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Prevention is the best medicine.This blog may
seem a bit off topic for a personal injury
lawyer, but I frequently talk to people who find
themselves in a tough situation when injured
because either they dont have insurance or dont
have enough insurance.
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Im not an insurance salesman, but I work with
insurance companies all the time. I see exactly
what happens when people fail to adequately
insure themselves and its not pretty. Sometimes
it can be heartbreaking.Can You Rely on Auto
Insurance?
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When youve had a car accident, regardless of
whose fault it is, you have accident benefits
through your auto insurance company. They may
offer you loss of income benefits, but its a
percentage of what you make, and most policies
are limited to 400 per week.
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Its good to also invest in long term disability
insurance either through your company or by
purchasing your own policy (particularly if, like
me, youre self-employed.)
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The 400 you may receive from your auto insurance
company is probably not enough to live off,
whereas if you also have LTD benefits, you might
be able to claim, for example, 700 per week.
Long term disability insurance can provide
greater protection to you than your auto
insurance does.
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Personally, I believe in adding optional auto
insurance to my plan and do that for myself and
my family.What if I Have a Slip and Fall?
People come through the door with terrible
injuries from a slip and fall.
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In a slip and fall situation, you can sue the
other person for loss of income, but you wont
get any income until your suit is resolved and
that can takes years.Very rarely are there
advance payments in a lawsuit.
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I am powerless to get you compensation to help
you get through and until you win IF you win
youre in a tough position. In contrast, when
they have long term disability insurance, you can
survive financially until the lawsuit is
resolved. I think its good to have your own
policy to help while youre unable to work for
any reason.
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Think about it You never know when you might
need that extra protection, but if the time
comes, youll be glad you have it.From most of
us, working is vital and investing in long term
disability insurance gives you peace of
mind.What Happens if You Get Sick?
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It important to remember that there are things
that can happen that we cant sue for. An illness
like cancer, for example. Even if we have
insurance, we often take for granted that, with a
serious illness like cancer, our insurance policy
will cover us. Thats the whole point, right?
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Unfortunately, that is not always the case. I
have seen clients with fantastic policies, but
whose insurance companies didnt want to pay out
for one reason or another. It happens.But even
if this worst case scenario, there are options.
If youre denied a claim, we can sue. We can go
back to the insurance company and make your case.
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If you have no insurance, youre between a rock
and a hard place and theres little I or any of
my colleagues can do to help you.Long Term
Disability and The Bottom LineDo I Practice What
I Preach? I offer a long term disability policy
to my employees and, when it comes to auto
accidents, I have optional benefits for myself
and my family.
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We all know what it is to get pitched by yet
another insurance salesman, but long term
disability is one option that is worth perusing.
You can probably survive without dental
insurance, but if you dont have disability and
you cant work, its a different
situation.http//derekwilsonlaw.ca/