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Disability insurance company

When planning for retirement, it’s a good idea to work closely with a financial advisor. Since these professionals have experience with a variety of financial planning strategies, they will be able to assist you with developing the best plan given your individual situation.

While many people may work closely with financial advisors to create solid retirement plans, unexpected events may occur that can interfere with these plans. Someone may become ill or injured and not be able to work as long as they had originally planned. While some of these individuals may need short-term disability insurance, others may need long-term, or permanent, disability insurance.

It’s important to realize that disability insurance benefits can often be difficult and time-consuming to obtain. According to the Social Security Administration’s website, there are two federal programs that are specifically designed to assist people with disabilities. The Social Security and Supplemental Security Income programs both have specific criteria that needs to be met prior to granting benefits. In the event that someone’s application is denied, they may appeal. However, this process is quite lengthy and there is no guarantee that an appeal will have a positive outcome.

If a person lives in Oregon, for example, the Oregon Social Security Disability Benefits Center’s website states that 3.8% of people living in Oregon receive disability benefits. When someone applies for disability, there are several stages to this process. On average, it can take four months to complete the first stage. If this claim is denied, then it can take another four months to request a reconsideration. In the event that they are denied again, then it can take even longer to be able to request a formal hearing before a judge.

While it does depend on the area of Oregon in which someone lives, it can take longer for benefits to be awarded even when someone is qualified to receive these benefits. The Oregon Social Security Disability Benefits Center indicates that this can be as long as 456 to 679 days. Given this, some people may choose to consult with and/or hire an attorney to assist them with streamlining this process.

Whether you have become temporarily or permanently disabled, it makes sense to speak with your financial advisor. Since some financial advisors also have experience working with disability cases, they will be able to provide you with valuable information about disability insurance. Furthermore, if your financial advisor also specialize in working with disability insurance providers, this can potentially make a difference in the outcome.

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