Common Questions about Florida Disability Insurance

Posted on: March 19, 2015 by Javier iSure

Were you aware that at least 1 in 4 of today’s 20 year-olds will become disabled before they retire? This could be due to an injury, or even an illness. Many individuals are surprised by this statistic, revealed by the U.S. Social Security Administration Fact Sheet just two years ago. At this young age, many people may not see the need for Florida Disability Insurance, however it’s an important coverage that should be considered by all individuals when working on their insurance portfolio.

The Social Security Administration does provide some form of disability benefit as a safety net, however it’s increasingly difficult to live comfortably with this coverage, especially with rising medical costs. In fact, as of March 2013, the average disability payment from the SSA was less than $1,120 a month, far less than many Americans with a medical condition would need to survive.

What are your chances of becoming disabled?

This is, naturally, one of the most common question people have when determining if they should purchase Florida disability insurance. While many factors contribute to an individual’s chance of becoming disabled, the following factors are significant contributors:

  • Excess body weight
  • Tobacco use
  • High-risk activities or behaviors
  • Chronic conditions such as diabetes, high blood pressure, back pain, anxiety or depression
  • Frequent alcohol consumption
  • Substance Abuse

Will a disability prevent you from earning a living?

Yes. In fact, 61% of Americans who were surveyed in a 2010 Disability Divide Consumer Disability Awareness Study said they personally know someone who has been disabled and unable to work for 3 months or longer.

How bad would the financial hardship be if I became disabled?

Without the right insurance coverage, medical problems contribute significantly to personal bankruptcies filed in the U.S. Medical problems actually were a leading factor in half of all home foreclosure filings in 2006, according to a publication titled Get Sick, Get Out: The Medical Causes of Home Mortgage Foreclosures

It’s important to do your homework and determine what exactly your risks are. At iSure Insurance Brokers, we understand that every person is different, and will work with you to determine your Florida disability insurance needs. We also understand that these types of decisions are not light ones, and even more complex for high net worth individuals in Greater Miami. To learn more about our disability and life insurance products, and other product for private clients, please give us a call today at (855) 381-6123.

Posted in: Disability Insurance Florida