Bad Alternatives to Disability Insurance
Posted on May 20, 2009
Filed Under Finance | Leave a Comment
Many people fail to get themselves protected with disability insurance. Disability insurance is important because it helps to pay for your needs in case you’re in an accident that leaves you with a short-term or long-term disability.
This type of insurance is particularly important for people in specialized fields. For example, physician disability insurance is very common. However, there’s not just disability insurance for physician positions but also for many other career types as well.
Most people say that they’re willing to take the risk to go without disability insurance because there are other alternatives available in the event that they do get injured. However, most of these alternatives aren’t actually that great.
The three most common alternatives that people use to pay for things if they become disabled are Social Security disability payments, worker’s compensation payments and personal savings. There are many limitations to the first two options especially for people who work in specialized fields. And as for your personal savings, it’s probably quite finite and will run out faster than you think.
There are certainly alternatives to disability insurance. These alternatives just aren’t very smart financial options. It’s much better to find a way to pay for the coverage than to just decide to go without it.
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