Ontario, CA (PRWEB) July 02, 2012
For the first time in history, women make up a larger percentage of the workforce than men, it currently stands at 59.2%. Although women’s salaries are lower on average than men’s, women are increasingly contributing more to their household than their husbands. Census Bureau data shows that 25.3% of women in two-income marriages bring home the bigger paycheck compared to 17.8% in 1987.
This data shows that women are a vital source for the family’s financial security. Yet, men are more likely to protect their income than women. Women tend to be more concerned about health issues and health insurance for their family.
“Women are, often, too busy making sure everyone in the family has good health and insurance to think about their own disability insurance coverage. Taking a look at the big picture, women need to think hard about what would happen if they couldn’t perform their job for a period of months or even years. How would they make up for the loss of valuable income?” says Frank N. Darras.
Income stream should be protected in case injury or illness prevents one in a dual-earner couple from working. Even if the woman is not the breadwinner, loss of her income could jeopardize the lifestyle the family has become accustomed to.
Short-term or long-term disability insurance is a good option for women to explore. Even though employers generally offer some sort of disability insurance, the benefits are usually taxable and the policies are governed by the Employee Retirement Income Security Act (ERISA). Remember, group disability offered by your employer is full of traps and loopholes. It is little known that in order to file a lawsuit to collect denied disability benefits, the policyholder must first do a timely appeal. Group coverage generally limits mental nervous conditions, fibromyalgia, chronic fatigue and headache claims to twelve months. Be smart and take a look at the features of your group policy, there are few and those few are shocking, says Darras.
It is for this reason that women should consider investing in an individual disability policy. While it may cost a little more, the policy protects the individual should her disability insurer wrongfully deny a legitimate claim. Purchasing it young and early will help to reduce premium costs.
“A woman’s income is valuable to every family’s financial state, even more so now, than even 10 years ago. Women should know that they are never too young to start investing in a disability policy and protecting their greatest asset, their income,” says Darras.
Read the full story at http://www.prweb.com/releases/2012/7/prweb9663504.htm