Disability Insurance

Though we tend to take our good health for granted, no one is ever exempt from the possibility of illness or injury- this is why you should contemplate purchasing insurance for future possibilities we all face. One type of coverage that can be extremely helpful is disability insurance. Should you be unable to work due to an accident or illness, this coverage can provide you with replacement income lost as a result and enable you to continue to pay you and your family’s bills.

Even if you are single, having disability coverage can help you to continue to receive at least a portion of your income if you are unable to work. This kind of policy is generally offered through an employer and it comes with a waiting period until payments begin after the filing of a claim.

There are two kinds of disability insurance coverage: Short and long term. Short term insurance pays out benefits for a limited period of time after you become sick or injured, and unable to work. The other type of policy, long-term coverage, comes with a specific waiting period that must be met before you are eligible for the benefits. Both kinds of insurance are required if you wish to cover both scenarios.

An employer provided policy only pays out a percentage of your usual income and adding a supplemental policy can help fill in these gaps that are the difference between one’s regular pay and lower disability pay. Most injuries and accidents occur while on the job, which also indicates eligibility for worker’s compensation coverage too. All of this together can help to allow you to handle the paying of bills like rent, mortgages, auto installments, and more, while you are unable to be employed as usual.

Disability is a common occurrence in the workforce. Whether it be a short or a long term form of disability, this kind of insurance can be a proverbial life-saver in helping to cover day to day expenses and to keep your family financially solvent. Bills must be paid and purchasing a proper disability insurance policy can make a huge difference in the quality of your life.