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A Few Things Everyone Should Know About Disability
Did you know? One year of disability can wipe out 10 year's worth of savings.
Other interesting things to know about disability:
- 7 out of 10 people between the ages of 35 and 65 become disabled for three months or longer.
- The average length of disability lasting longer than 90-days is 36 Months.
- Most American families have only enough money in savings to cover two months worth of bills.
- In 2000, wage and productivity losses from unintential injuries was $259.8 billion (Statistical Abstract of the US: 2002)
- The maximum Social Security disability payment for 30-yr old earning $70,000 per year is just $1600 per month.
- To be eligible for Social Security disability, your disability must last at least 12 months.
- Social Security Disability will only pay an approved claim after a minimum of 5 months have passed.
So if you suddenly become disabled... how would you pay your bills?
What is disability?
The Random House Webster's Dictionary of American English defines disability as: "Lack of adequate strength or ability; incapacity; a physical or mental handicap; anything that disables or puts one at a disadvantage"
The Social Security Administration defines disability this way: "The inability to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment which can be expected to result in death or has lasted or can be expected to last for a continuous period of not less than 12 months." Emphasis Added
Simply put: Disability generally means that you are unable to work. And Social Security Disability means you are unable to work at anything.
Disability can happen at any time, to anyone - regardless of race, religion, gender or profession.
Sometimes people become disabled dur to injuries received in a car accident. And sometimes it's a simple matter of getting hurt while participating in sports, or improving your home in your off hours.
A very common injury that can cause you to become unable to work, is a back injury. And back injuries can happen simply by moving furniture, working in a garden, or fixing a leak in your roof.
Other people become unable to work due to an illness or the onset of a disease: Like diabetes, stroke, or heart attack. And even pregnancy can cause some females to become unable to work: If the pregnancy develops other complications that require the woman to stay in bed, she is unable to work.
This Can Happen to You Too.
Unfortunately, people often assume that just because they're healthy, they can't become disabled. And that's simply not true. Accidents happen. So being healthy doesn't usually have anything to do with whether you become disabled.
Let's look at some undeniable facts:
- In 2000, wage and productivity losses from unintentional injuries was $259.8 billion (Statistical Abstract of the US: 2002)
- In 1999: 338,000 people were injured in a fall
- In 1999: 141,000 people were injured due to overexertion
- In 1999: 338,000 people experienced sprains and strains
And just a few of the ways these injuries happened included:
- Hand and power saws
- Kitchen flatware
- Rugs and Carpets
- Swimming Pools
If you'd like to know more about disability and various ways you can protect yourself and your family, read the rest of this report online.
© 2004, Kathy Burns-Millyard. This article is provided courtesy of Electronic Perceptions Marketing - You may freely reprint this article on your website or in your newsletter provided this courtesy notice and the author name and URL remain intact.
Your Personal Injury Insurance Claim: Several Crucial Insights Into Medical Reimbursements
The best judge of Total Disability and/or Partial Disability is "Ole" Doc Comfort your attending physician. The Medical Report he executes for the insurance company you're battling with, Rock Solid Insurance Corporation, should always contain his comments regarding the nature of your disability.
Insurance in Northern Ireland: Historic Difficulties
No doubt most readers will have heard of the Northern Ireland "troubles" or possibly seen some of those ghastly images from the seventies, eighties and early nineties on your television screens. Thankfully the worst of those dark days seem to be over.
Term Life Insurance - A Safeguard for Small Business Owners
Term life insurance can offer protection for a small business and its owners in surprising ways. If you own a small business, you probably pay property and liability insurance, and are protected against fire, theft, flood and other disasters.
What to Look for in Good Health Insurance
Health insurance is a kind of protection that provides payment of benefits for covered sickness or injury. Included in health insurance are various types of insurance such as accident insurance, disability income insurance, medical expense insurance, and accidental death and dismemberment insurance.
How to Reduce Car Insurance Premiums
Here are some useful tips on how to reduce car insurance premiums. Firstly, you need to find a sense of balance between coverage and cost.
Insurance Glossary of Terms
Assured - Those insured under the terms of an insurance policy.Benefit - The money paid to the policyholder when a claim is made.
Discount Life Insurance Will Give You The Best Protection You Need
There is always a chance that there is a better deal somewhere else, no matter what you are buying. That is why you should research and find discount life insurance.
Origin Of Long Term Care Insurance
In the early 1980's Medicare started using a system called the diagnosed related group of guidelines for advance payments to hospitals. This has really given hospitals authority and incentive to discharge patients very soon after admission to the hospital.
Types of Homeowner Insurance
There are 6 different types of homeowners insurance in general that are consistently utilized. Of these HO-3 is the most usual policy then it is followed by HO-4 and HO-6.
Online Health Insurance Quotes - Finding The Cheapest Rates Possible
Shopping for health insurance can be very discouraging when you become aware of the costs. If you are in search of affordable health insurance, an online quote may be very helpful to you.
How Many Homeowner Insurance Quotes Do I Need To Save Money?
Homeowner insurance quotes can vary in the amount they cost you based on a variety of factors - many that you can control. There are of course some variables that are common among all house insurance policies.
If You Rent A Home, Protect It By Buying Renters Insurance
Renters insurance is often overlooked by people who are renting their house or apartment. Many people don't realize that their landlord's insurance only covers the building that you live, there in no coverage for your personal belongs.
What Is Renters Insurance Really All About?
Renter's insurance is protection intended for anyone who rents an apartment, home or other live-in dwelling. Purchasing renter's insurance can protect you against the risk of fire, theft, windstorms, falling objects, smoke, and vandalism.
Long Term Care Insurance How Much Should I Buy?
Long-term care insurance policies have a variety of features and it pays to shop around. It is quite easy in the final years of your life to run up extremely large care bills which could threaten your life savings, home and your children's inheritance.
Outside Pressures On The Typical Insurance Adjuster
Insurance adjusters are not without outside pressures they must deal with every day of their work life. It would be advantageous for all readers to be aware of the most important of these because they could put money in your bank.
Cheap Car Insurance
Finding good car insurance can be very difficult. Here are a few tips: Try a few different insurance companies.
Discount Auto Insurance - Get Low Rates And Superior Coverage
Auto insurance rates can be quite expensive. If you are in shopping for auto insurance or just comparing rates between your current insurer and competing insurance companies, you may want to look at the rates offered by discount auto insurance providers.
Is Your Auto Insurance Company Rated?
Several national rating institutions rate insurance companies. Do coverages, rates, and service vary from company to company? Why can you pay less with one company than another can for the same coverages? Choosing the best insurance company for you is a crucial financial decision.
The Many Benefits of Travel Protection Plans
Many people purchase insurance thinking I want full coverage and once I get it I will be covered for every event that may befall my vehicle. But then they begin to question if every type of incident is covered with full coverage.
Life Insurance Providing Little Protection from Terrorism
Recent statements by the City of London Police Commissioner James Hart that future terrorist attacks in London's financial centre are, "a matter of when, rather than if", will increase already serious concerns over issues of personal and business financial protection.Mr Hart's statement pointed out that, "if you want to hurt the government, hurt people at the same time, and you want to cause maximum disruption.
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