What is disability insurance?

Generally speaking, insurance is a form of protection, a measure of security you can procure now, when there is no need, so that if something happens, you have financial coverage to help you and your loved ones survive fiscally. Especially in a time when money is tight for so many, making a purchase that is not immediately necessary may seem excessive, and an unwanted use of your funds. But what if the time comes that you need that insurance – what would you do then? That is why we buy insurance.

Disability insurance operates under the same principles of preparation and security. Disability insurance is a type of insurance specifically designed to protect you in the event of a debilitating injury that prevents you from being able to work. The benefit paid out would take the place of the income they would have been earning if they were able to continue doing their job. Disability insurance will also involve paid sick leave, short-term disability and long-term disability.

And though we would prefer not to think in such terms, we must all accept that accidents happen, and are a very real threat to all of us. In the United States alone, it is said that a disabling accident occurs nearly every second. If you were involved in one of those accidents, where would your family be financially? These are the sort of questions you need to answer for yourself, to make sure that you and your family are taken care of in all possible eventualities.

There is also long-term disability insurance, which serves the same function over a more extended period of time, to ensure that, no matter how long you are rendered unable to work, you will still be able to essentially make ends meet.

There are many benefits to having disability insurance or long-term disability insurance on which you can truly rely. You’ll have to go through a similar, interview-based underwriting process that you would for other forms of insurance, so that insurance companies are aware of both your need (in regards to the size and type of policy you would be issued) and your risk factor (based on the sort of work you do, as well as your habits external to your job).

Talk with your employer – depending on the sort of work you do, you may have some measure of disability insurance built into your benefits plan. If this is the case, find out what kind of coverage options this disability insurance has, and what kind of disability insurance rates you are paying out of your paycheck. Depending on cost and coverage, you may want to pursue your own policy.

If you have questions or concerns regarding your needs for disability insurance and long-term disability insurance, or are looking to find out your options for disability insurance rates (through obtaining disability insurance quotes), reach out to us – we’ll help you out. Or if you simply want to understand disability insurance more intimately, feel free to peruse our Web site for the helpful articles we’ve written about disability insurance.