Preparing for disability

http://www.miamiherald.com/2013/09/27/3655358/disability-insurance-is-a-wise.html

As Shapiro points out in No Pity, everyone will eventually have some sort of disability, whether it is from an accident, genetic conditions, or simply old age. In order to prepare for this, a new innovation, namely disability insurance, might be the next most popular insurance product in the coming decades. After life insurance, car insurance, and home insurance, disability insurance seems like the next smartest move. This article, from the Miami Herald, points out that many people are under the false impression that social security will take care of them should they become disabled.

I think that disability insurance is a great and soon to be very important development. Though many people won’t be able to afford it at first, I think that through employer sponsoring and government aid, that it will be accessible. It is also a very supportive of disabled people and prevents stigma behind disabilities by letting the public know that disability will affect each person’s life at some point.  Also, new medical inventions that will come in the future will be extremely expensive. Disability insurance will help alleviate the financial burden of people that need the new/updated technology. Overall, I think disability insurance is a smart move and that more people should invest in this new product.

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2 thoughts on “Preparing for disability

  1. I have never heard of disability insurance until reading this post. The article attached makes me feel weird. Discussing disability as a financial problem is strange, but I guess it is realistic. Disability insurance however seems unrealistic in the fact that it is extremely expensive and exclusive. Insurance companies define disability, to quote Cathy Pareto from the article as, “‘You can flip burgers at Burger King, so you’re not disabled.’ ” Buying disability insurance as a preventive measure may be comforting, but what of a person already disabled? Would the high premium and circumstantial benefits out weigh the cost? In a perfect world, health insurance would already cover disability-related costs. But insurance companies are for-profit and the world is not perfect.

  2. I think that this is a great idea. With the inevitable failure of social security, if the system is left how it is, and the growing number of people who are going to work longer (past the traditional retirement age), I think disability insurance is very important considering that there is a higher chance of disability with older age. I would disagree, however, that there will be much change in the actual stigma regarding disabled people. It is still going to be viewed as something to compensate for the “loss” caused by disability. Disability should be viewed as a minor difference rather than a deficiency. All in all, I think the idea is great, but I think it has very little to do with actual disabled people, just abled people fearing the future of being disabled.

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