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Planning for life events
Disability
According to the U.S. Census Bureau, nearly one in five Americans will experience temporary or permanent disability before retirement. Health insurance and disability insurance may cover some of the costs, but with co-pays, deductibles, caps on benefits, elimination periods before payment begins, restrictions on doctors, treatments and medicines, plus your normal household expenses, you could be left with a heavy financial burden – at a time when you may not be able to return to work. That’s why it’s important to check your health and disability insurance policies to see exactly what you are covered for so you can take steps now to avoid financial difficulty in the future.
Critical illness insurance can help fill the gaps in your existing health and disability coverage. You may also want to consider a whole life policy which you can borrow against to help pay medical and other bills.
To help you determine the right coverage for your needs, start here:
• How much coverage do I need?
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Life tips
Disability
Here are a few facts to consider about your risk of disability:
- The leading cause of adult disability is stroke.1
- Nearly one-third of all strokes happen to people under age 65.2
- 40 percent of stroke survivors experience moderate to severe impairments that require special care.3
Term life coverage
Whole life coverage
Quick hint
Adults with a disability may qualify for benefits under federal or state programs such as Medicare, Medicaid or Social Security Disability Insurance.
1. National Stroke Association, "Recovery"
2. American Heart Association, "Risk Factors and Coronary Heart Disease and Stroke"
3. National Institute of Neurological Disorders and Stroke, "Stroke Rehabilitation Information"
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