Disability insurance ensures you have an income if you become disabled or injured while not on the job. This coverage is important because disability strikes one in four workers, and your chance of being disabled for three or more months during your career is higher than your chances of dying. Don't be like the two-thirds of workers who don' have disability coverage according to the Bureau of Labor Statistics. Instead, learn more about disability insurance as you decide if it's right for you.
Provide for Your Dependents
Having a disability policy in place can offset expenses and ensure your loved ones remain in a stable and protected environment. Reduce stress and strain when you purchase disability insurance that takes care of your dependents.
Replace Your Income
Disability coverage provides 60 to 70 percent of your salary. While that's a pay cut, it's better than nothing. Instead of worrying about how to pay bills, debts and other expenses, purchase a disability policy to ensure you have at least some financial resources until you either return to work or receive Social Security Disability Income (SSDI).
Receive Peace of Mind
Short-term disability insurance provides beneficial coverage for the first six to 18 months of your disability. After that, long-term coverage begins. While you can apply for Social Security Disability Income, it generally doesn't begin until you're is unemployed for a year or longer with little chance or returning to the workforce. With short and long term disability insurance policies in place, you still have income as you wait to apply for SSDI to start.
Stay in Your Chosen Career Field
Sometimes, disabilities prevent you from working in your chosen career but do not prevent you from working in a different field. Look for "own occupation" or "own specialty" on your disability policy if you wish to receive benefits instead of working in a field that's not your area of expertise, skill or passion.
Your HR manager or insurance agent will provide additional details on your disability insurance options. Look into them today as you make sure you and your loved ones are protected.