Disability Insurance Articles
How Being A Green Beret Affects Disability Insurance
2010-08-24
Disability insurance is designed to provide you income if you are incapacitated and unable to work for a period of time. The period of time and amount paid out to you will vary with the type of work you do and the terms of the policy. Being a Green Beret will affect your disability insurance in a number of ways.
Candidates for disability insurance must provide information about the type of work they do. This is because all insurance is based upon the risk to the insurer of a claim being made by the insured. The more risk inherent in your job, the more likely you will be injured and make a claim. The work done by Green Berets is inherently risky. It's far more risky than that done by an office worker or school teacher, for example. Because the risk of injury is higher, the premium paid for Green Beret insurance will be higher.
Higher premiums are just one part of the equation. The severity of the potential injury is another factor in disability insurance. The more severe the injury, the longer the insured is likely to require a pay out from the insurer. This results in a higher cost to the insurer and your premium will be higher as a result. A severe injury may also require a different type of care, say a longer hospital stay or additional care once you return home. It may also result in some level of care being required indefinitely. Since future medical costs are difficult to predict but are assumed to increase, all of this will also cause Green Beret insurance to be more costly.
The likelihood of being disabled and unable to return to your former job is yet another consideration. Some disability insurance policies will continue to pay out at some rate even if the insured is unable to return to their original job but is able to perform in another type of work. Some will not pay if that is the case. It all depends upon how disability is defined in the terms of that specific policy. Either way, if the insured is unable to work at all, the cost of that coverage will be higher than coverage for an individual who is in a job where it is extremely unlikely they will incur a significant long term disability as a result of their work.
Disability insurance will help you meet your financial obligations in the case of a disabling injury or illness. Being a Green Beret will be considered a significant risk factor.