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. Okay some people do not care about their offspring so much as is evident by looking at the bumper stickers of the deluxe Recreational Vehicle Motor Homes; “we are spending our children’s inheritance!”

You need to ask yourself not only; “How much long-term care insurance should I buy?” You need to think on how much you might potentially need. For instance you need a policy, which has an adequate daily allowance. The current average for in home nursing is $135.00 per day. But the norm for coverage ranges between $100 and $150.00 per day.

The waiting and elimination periods also can greatly affect the policy costs and premiums. People usually wait 30, 60, 90 days, as medicare usually pays in the beginning. You will have a slight duplication of coverage. The waiting period concerns the amount of time before you can begin receiving coverage. These are significant factors indeed.

Benefit triggers are also important in these policies. They usually occur when you need assistance with two or three daily living activities such as using the bathroom, getting dressed, taking a shower or eating. Generally benefits are triggered when a doctor has certified you that you in fact need this assistance to function in these daily living necessities.

Benefit or payment stoppages are also crucial which often occur when you are over a severe illness or become a cancer survivor, as is now the norm. Or when you leave a nursing facility and go home. Many good policies remain activated for another ten days to insure you can function again at home if needed. Many policies have a provision which allows you to stop paying premiums once you begin benefit coverage, but not all and some require you to start paying again once you are out of the care facility or you no longer need in home care for your daily living activities.

Most importantly do not buy coverage if you feel pressured, think about it first.

If you are just starting out in business or have been self employed for some time you should consider protecting not just yourself, but also your home and family against the possibility of you having an accident at work or home, or perhaps getting sick for a long time and not being able to work.

Both of these risks happen every day to someone unfortunate and it would be a brave person to jeopardise their home and business when accident and sickness insurance is widely available online to purchase in an instant cover that has been specifically designed for the self employed, and would remove all those worries.

Accident insurance is always sold as a policy in conjunction with Sickness insurance. This can usually be purchased individually as what is known as a disability cover or bundled up in a group of insurance products usually known as ASU (Accident, Sickness and Unemployment) or as Protection Insurance, commonly known as PPI.

When you purchase accident and sickness cover, you purchase levels of protection as units of what is known as monthly benefit. So for example if you need 1000 units of monthly cover you pay by the percentage rate cover unit determined by how old you are.

Typically a thirty year old in the UK who buys disability insurance from a well known independent supplier, will pay as little as GBP18 per month for GBP1000 worth of benefits, should they get sick or have an accident, leading to missing time off work.

ASU can be particularly cheap for self-employed persons if bought without the unemployment element of cover, which has significantly increased the cost of this type of cover in the near past due to the economic crisis.

Working for yourself is hard enough work alone, without having to worry about where the money is going to come from to pay the bills if you have to stop your business dealings for any time due to an accident or sickness.
Protection Insurance products such as mortgage, lifestyle and income protection, all offer peace of mind and cover for anyone who works for themselves or as a contractor, and is not covered by any existing employer accident compensation.

Be aware that any long term pre-existing medical condition usually excludes you from purchasing Payment Protection Insurance or Sickness Insurance cover.

Shop around the independent providers of ASU for accident insurance, as there are always good deals to be had in this very competitive market

When people take out insurance, they generally do so for the small items they own, for example, their TV, laptop or expensive hi-fi system. Very rarely do people think of insuring the most important thing they own, themselves.

Disability insurance is a means of protecting your income should you ever become unable to work for a prolonged period of time as a result of an illness or disability.

Having such cover is much more important than insuring yourself against loosing your new laptop or iPhone, because whilst these items may cost a lot to replace, that amount will be nothing in comparison to how much you would loose if you were unable to work for a few months.

Yet despite the advantages of such cover, very few people actually have disability insurance, as they feel this is only something which applies to old people or that they will never become sick or injured. Hopefully they are right, and they never will be unable to work, but since you can’t predict the future or what will happen to you, is this a risk you are willing to take?

For example, suppose you are the only member of your family who works, and as a result your income supports not only you, but your wife and your children. If for whatever reason you suddenly were unable to work, what would happen then?

If you were lucky and managed your money wisely, then you may have some savings or an emergency fund to fall back on, but this probably won’t last you very long anyway as most people tend to be poor savers.

Eventually your money would run out, and you could soon find yourself in a position where you were unable to support your family, pay your bills and keep up with your mortgage repayments.

In a worst case scenario you could end up loosing all you own, and be forced to sell your house. This is something which has happened to many families, and today sudden loss of income is one of the major causes of home repossessions.

Getting sick and being unable to work is something nobody likes to think about, but the fact that remains that it is a very real possibility and something that could happen to any of us.

So if you have people who are dependent on you and your income, or have very little money saved away in case of an emergency, then taking out disability insurance could be one of the smartest moves you ever make.

Try talking to disabled individuals. Chances are they made sure that they have disability health insurance. This is because for the days that they work, in all those years, they have encountered some problems that the people with disabilities did not have to face.

It is only fair that they have disability health insurance. If you are wondering what these problems are, here are some.

1. First and foremost, those with disability do not have enough money to cover the rent and utilities expenses if they are going through some disability health insurance concerns.

2. The lack of it could mean dire consequences on a financial level.

3. Sometimes, the access to prescription medications is made difficult if the person does not have one.

These are the problems faced by the employees who had to request for such benefit from their corporation. There are no answers for these dilemmas. The only answer is to apply for disability insurance, have these approved by the corporation, and make sure that the money received during the period of illness or disability is just right.

The issue facing those who would want to have their own disability health insurance is this. It is difficult for those applying for the insurance to get the care that they need because the doctors have to make sure that the patient has Medicaid.

Most requires some approval from Medicaid applications before the coverage of the hospital bills can even take place.

Some people believe that they can get penalized if they don’t follow the policies that are indicated in the contract that they signed. They also need a clearer definition on what disability means exactly in a corporate setting where disability insurance benefits are handed.

A clear solution for this dilemma is in the employer’s court. He just has to prove that the health insurance he provided for his employees are top notch and they should make the most out of this. He should also inform them of the possible consequences if they don’t have any health insurance whatsoever.

The employees must also be reminded that it is better to have insurance and not use it that not have insurance and use it.

The whole purpose of disability health insurance is to help the clients manage their expenses if no money is coming in. As long as the employee is deserving of this benefit, then the employer can bestow it to him.

Your maternity leave should be a time of great happiness, as you and your newborn child have a chance to bond. Don’t let financial concerns rob you of the joy. You can create your own maternity leave benefits that can help you enjoy this time, without the worry.

Maternity Leave Insurance

Apply for two maternity leave insurance programs when you are planning a pregnancy, or trying to conceive. By applying before you conceive, your normal pregnancy and delivery will be a covered benefit.

Short Term Disability Insurance can create maternity leave pay. Your benefit for normal delivery may triple the premium you pay over twelve months.

• Plus you are covered in case of pregnancy complications, delivery complications, accidents and illnesses.

Hospital Indemnity Insurance covers your normal labor and delivery, and will pay a cash benefit directly to you that increases your maternity leave pay. Your benefit for normal delivery may be six times the premium you pay over twelve months.

• Plus you are covered in case of premature birth. An additional benefit may be paid in the event that your infant requires special medical attention in the Neonatal Intensive Care Unit or NICU.
• Plus you are covered in cases where an accident or illness causes you or a family member to be hospitalized

Pregnancy Tax SavingsA Flexible Spending Account allows you to use pre-tax dollars to pay for certain predictable expenses associated with your pregnancy, delivery, and upcoming child care.  You may find opportunities to use pre tax dollars to pay for:

• Fertility treatments
• Co pays for extra doctor visits
• Co insurance for diagnostic tests such as ultrasounds, etc
• Out of pocket expenses for prescription drugs, prenatal vitamins, etc.
• Deductibles – your pregnancy and delivery may utilize your entire annual deductible
• Hospital co pays are very common, and your maternity labor and delivery may invoke a charge
• Child care that allows you to return to work

Gain Access Via Your EmployerYou can easily get the coverage you want with cooperation from your employer. There is no direct cost to your employer, as you pay the premium via payroll deductions. And, your request is very simple, your employer benefits, and your co-workers will thank you.

Flexible spending accounts often save your employer money by reducing the amount of payroll taxes they must pay.

Often referred to as disability income insurance, disability insurance is a type of insurance policy that insures that a person receives long term financial benefits in the event of an accident that leads to an inability to work or function, or if a person becomes afflicted with an illness, leaving them unable to work. Disability insurance benefits can be disbursed either as a short-term disability, long-term disability, and paid sick leave.

The purpose of disability insurance is to replace the lost income from your work income if you were to suddenly become disabled. The policy that one purchases will contain an outline of the conditions of which one is eligible to receive disability benefits. That is, there will be an explanation within the policy about what constitutes a disability. Normally, one has to be on leave from work for a specified time period before they can begin to receive disability benefits. The policy will define the amount of the payments and the length of the coverage. The payments will continue for the length of the disability, or until the time limit that was set by the insurer has expired.

A disability policy premium that one pays is determined by a number of factors that are devised by the insurance company. This can include risk factors associated with the type of work that one is involved in. For instance, a person working in a high risk job such as explosive demolition of buildings will usually pay a higher premium than a receptionist. Disability benefits are designed to replace lost income so you can use the payments for your own personal needs. Insurance companies will not allow you to have disability coverage for more than about 60 percent or 70 percent of your normal taxable income

Disability Insurance Costs

Policies for disability insurance can vary among providers so it is important to obtain a number of quotes from different providers. You should know what is included in your policy before you make the purchase. Cheap policies may not be the best policies. Because you may not be covered for certain incidents that may result in an injury, or debilitating illness, it is important to read your policy carefully.

How are private disability policies different from Workers Compensation?

With worker’s comp, you are only covered if you are disabled due to a workplace injury or illness. With private disability insurance, you choose the benefit level, buy the policy yourself, and then pay the premiums. The policy does not depend on staying with your current place of employment. It is also not limited to work related disabilities

Who should purchase disability insurance?

Anyone who is employed should have disability income insurance. It is important to check to see if you have group disability, Social Security Disability, workers compensation, in order to find out how much you are covered for. It may not be enough to sustain you if you are disabled. You should make sure that you will not find yourself in a financial crisis if you are suddenly disabled. Your family may need to depend on the income to maintain their lifestyle.

Whether you are single, married with a family, young, or old, you never know when a tragic event may occur leaving you unable to earn an income. The right disability insurance will give you peace of mind knowing that you are protected.

Are you self employed or the major bread winner in your family? Well then health Insurance, especially disability insurance is a wise thing to have, but spending too much on shopping for it is unwise, as you most likely will never use it. However, if you are the major income earner in your family it could be a life saver down the road.

For those looking to save money on disability insurance, try getting a high deductable health disability plan. If you are self employed you must consider that if you are taken out of the picture for a time your business might go broke, and you will have lost everything that you built over the years, so a good insurance policy can shore up that risk if you become disabled.

Let me tell you a story; I was involved in a motorcycle accident and could not run my business, and luckily I had disability insurance. The disability insurance kicked in about the time I got better and it paid for some expenses that I had which piled up when I couldn’t work. It was a real bummer not being able to work, but I tried to manage the best I could.

By the time I got paid by the disability insurance company it was three months later, at that time I no longer needed the money and everything was fine, but had I been laid up for longer, I’d probably have lost my business without the disability insurance policy. So, you need to be thinking here, even if you believe, as I did back then, that it could never happen to me. Sure it can, and for me it did one fine summers day while cruising my motorcycle. Please consider this.

If you are like most people on this planet, you are not financially free. You would not be able to stop working and still support yourself and your family from your financial resources. Your ability to work for a salary or wages would therefore be one of your greatest assets. Have you insured this asset?

If disability suddenly stops you from being able to work, how would you earn an income? How long would you survive without a paycheck? If the situation described above is a cause for concern, you need disability income insurance. You can become disabled either from an accident or for medical reasons.

One life insurance company defines disability as “the inability of the life assured to perform any part of any occupation in which he was engaged immediately before the onset of the incident Further, the life assured must not be following any other gainful occupation”

Disability is often referred to in life insurance circles as the worse hazard, because if you become disabled: -

- You stop earning salaries or wages,
- Your life insurance policies will not pay a claim, since you didn’t die,
- Your illness will consume a significant portion of available funds.

Here are a few facts on disability: -
- Each year, 1 person in 8 will suffer disability (Source: National Association of Insurance Commissioners)
- 1/3 of all people between the ages of 30 and 64 will become disabled sometime in their lives (Source: Health Insurance Association of America)
- At age 32, the chance of being disabled for 90 days is 6.5 times greater than the chance of death (Source: National Association of Insurance Commissioners)
- 75% of disabilities are caused by an illness rather than an accident (Source: Commissioner’s disability Table)
- Workers today are 3 times more likely to suffer a long-term disability than die during their working years (Source: The Council of Disability Insurers, The Long Term Disability Claims Review: 2005)
- The likelihood of being disabled for more than 3 months is greater than dying in any given year (Source: Society of Actuaries)

As you can see, the risk of disability due to illness or injury is great. The cost of not being prepared is severe. Why take the chance? Even substantial savings can run out quickly if it is your only source of financial support.

If you are like most people who need to work in exchange for money, there is a need to protect one of your most valuable assets, i.e. your ability to earn an income. Disability income insurance should therefore, be an important part of your long-term financial security plans. It can help to secure your dreams, lifestyle and income, regardless of your occupation or industry.

This valuable income replacement plan is available from your local life insurance companies. Call your life insurance advisor or insurance broker for more information on this useful long-term financial security plan.

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 unintentional 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 due 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

- Hammers

- Kitchen flatware

- Beds

- Tables

- Ladders

- Rugs and Carpets

- Footwear

- Bicycles

- Swimming Pools

Disability insurance covers you for an extended period of time. Should you be injured or take ill and as a result be unable to perform the duties of your employment, you will be covered under short term disability, then long term disability insurance will cover you. The coverage can be for a period ranging up to five years or until the disabled individual turns sixty five.

Long term disability insurance is often provided by your employer as part of your benefits package. If you purchase it on your own, the benefits are tax free.

Disability insurance on an individual basis makes great sense as if involved in an accident you are more likely to be disabled than die. Therefore it can be argued that it makes more sense to buy long term disability insurance than life insurance.

Disability insurance policies differ from one provider to the next. It is important that you do your research and find the disability insurance policy that best meets your needs with the insurance company that you trust the most. Insurance companies, through an independent insurance broker, will gladly offer you disability insurance quotes free of charge. You can get quotes online now which is the easiest way as you are not being pushed by an agent.

It is important to purchase your insurance from a company that you trust, because you need the company to be there if you need them. When you get your quotes, be sure to ask questions about the company and the specifics of the policy. Disability insurance needs to be tailored to meet your needs and complement any existing insurance policies that you may already have. Again, be certain that you are buying the plan that meets your needs completely.

Probably the most important thing for you to do, is to read all the provisions of the policy before you buy it.