Insurance World

Disability can occur at any time. While many people take their body and health for granted, serious accident or injury can happen to anyone and if you find yourself disable, for a short period or long term, how will you cope?

Disability insurance is a sub set of health insurance that will provide the holder with income should they become disabled and thus unable to continue earning a living. If this were to happen to you, do you know what you or your family would do for income?

If you are aged 40, there is a higher chance that you will be disabled, and thus unable to work for a period of 90 days or more, than of you dying before the age of 65. There are three common ways of insuring against this risk.

Employer’s Insurance

The first is to receive insurance from your employer. This is required by law in many states. It comes as a form of short or long term paid sick leave. Larger employers can have even more generous terms. For example, a common policy might offer you 60% of your salary for five years, or maybe even all the way up to retirement. While not everyone is lucky enough to work for such a company, it is worth checking with your employer to find out what your protection is and whether or not its something you wish to provide for yourself.

Long Term Disability

The second common protection against this type of risk is social security and disability benefits. This usually only covers employees whose disability lasts for a period of 12 months or more. It also must be shown to be so severe that you cannot find gainful employment. Therefore there are some gaps here that you may be more comfortable providing for with private insurance.

Individual Policies

The third method of dealing with this risk is with an individual disability insurance policy. This means taking out a private insurance policy yourself. You should shop around to make sure you get the best deal available, but at least you will have the peace of mind of knowing in what circumstances you are covered and what the terms of the policy cover.

There are some other sources of protection. Workman’s compensation policies will sometimes step in to cover you if the injury occurred at work. Auto insurance may provide coverage if the injury occurred in a car accident and the Department of Veteran’s affairs can advise you if you think the disability is related to service in the armed forces.

There are some jobs that you know are high risk: firefighting, construction work, military service. What people don’t realize is that some jobs can put you at risk for microscopic toxic substances that damage the respiratory system, silently yet steadily, and by the time you’ve discovered that you’re sick, you’re already been diagnosed with lung cancer.

Look at the odds: 150,000 people develop lung cancer a year, and 15% of those are from people who had been exposed to chemical substances (asbestos, silica dust, radon, and environmental pollutants) while they were at work. If you are in any of the following occupations, you should take out disability insurance. It gives the assurance that if you do get sick because of your job, and have to take weeks and months off for treatment, you’ll be properly prepared. In fact, disability insurance will often replace up to 80% of your gross income, tax-free. It’s money when you need it most—when medical bills are high, and you no longer have your job to pay them.

Shipbuilders are exposed to fiberglass, which have been linked to a higher incidence of cancer. While most manufacturers insist that they’re safe, lab tests and statistics say otherwise. In fact, this evidence has been available for over twenty years, but no laws monitor exposure to fiberglass materials. Some shipbuilders are also exposed to asbestos, another toxic substance that has been banned by some countries.

Asbestos was used in pipe insulation, making pipefitters (especially those who have been working on it before the 1980’s) at risk for asbestos inhalation. Asbestos clings to the lungs, causing lung cancer, mesothelioma, and asbestosis. Pipe fitters are also at high risk to benzene exposure. Benzene is a carcinogen that has been linked to lung cancer. The same problem plagues anyone who has worked in any job related to insulation.

Tile workers who mount ceiling and floor tiles and other shock-absorbing materials are exposed to high levels of dust. This can cause respiratory diseases, asthma, and lung cancer. The dust can also irritate the eye and skin, and make it susceptible to infections.

Welders and Refinery Workers are exposed everyday to a toxic mix of carcinogens like benzene, poisonous fibers, and gases. This profession has a high rate of reported cases of cancer, aside from physical injuries that can result from working with very sharp objects and hot metals. Sanders face the same problem, inhaling silica dust and noxious fumes. These gases can all scar the lungs, and trigger mesothelioma and lung cancer. Protective gear helps, but since the substances are in the air and are not fully filtered out, just breathing puts you at risk.

You may love your job, or you may not have the option to quit. However, you need a safety net. Since you are exposed to known chemical hazards (even if you can’t see them) it is necessary to take out disability insurance so you or your family will not suffer from financial problems if and when you do get sick.