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Most workers misjudge the need for Permanent Disability Insurance. A permanent disability is the result of either an illness or injury that prevents a worker from being able to perform a suitable or customary job. Characteristically, a permanent disability is one that stays with a person for a lifetime. With permanent disabilities, recovery is unlikely and their duration are indefinite. For example, the loss of eyes or extremities (e.g. legs and arms) would be within the definition of a permanent disability.
Recent insurance industry studies indicate that the average worker has a 27-31 percent possibility of being disabled for a period of 90 days or greater. The need for permanent disability insurance becomes even greater when you consider that studies also demonstrate that the length of disabilities are increasing. For a worker in today’s economy proper planning requires permanent disability insurance to sustain their life in the event of a disability.
Tips When Considering Permanent Disability Insurance
- Locate a trustworthy insurance agent.
- Purchase the maximum coverage that you are capable of affording.
- Determine the costs of your lifestyle, for example, what do is the cost for your mortgage, automobiles, and foreseeable future medical expenses.
- Determine what you would receive from existing sources and governmental resources.
