Disability

The future is uncertain and this is why it is so important to do some insurance planning for the future. Disability insurance is one type of coverage that you want to consider, as it can offer a continuation of income if you are not able to work due to illness or accident.

Whether you are single or married, having disability insurance will help replace part of your income if you are not able to work due to illness or a temporary/permanent disability. It is normally offered through employers and, depending upon the policy, there could be a time period that dictates when payment will be initiated after a claim is filed.

There are two different types of disability insurance short and long term. The short term insurance will pay benefits for a limited time period after you are injured or become ill and unable to work. Long-term coverage dictates a waiting period before you are eligible for benefits, but the payment duration will be longer. You can have both types of insurance to cover both eventualities.

A group disability policy will normally only pay out a portion of your normal income, but adding a supplemental policy can help to recover some of the gap. Most accidents and injuries happen on the job as well, which can mean that you are eligible for workers compensation.

The majority of the workforce has some time of disability, whether on a short-term basis or a long-term basis. That is why disability insurance is so important, no matter who depends upon your income.