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Disability Insurance for Individuals

Disability Insurance for Individuals

When it comes to insurance, most people understand the basics: you need to protect your property and your vehicles, as well as obtain liability insurance “just in case”. Most also understand the need for health insurance if you get sick or life insurance if you die. But what happens if illness or injury affects your ability to provide for your family? Disability insurance should be there for those times when you’re unable to work due to illness or injury. However, most people don’t understand the need for disability insurance, the purpose of it, or how to get it. We hope to answer some of your questions here. What Is Disability Insurance? Disability insurance, also known as disability income insurance, is a policy that pays an injured person over a short or long-term period of time if that person is unable to work due to illness or injury. Payments can be used to pay bills, mortgage, and other expenses incurred during the time of injury or illness while the injured party is unable to work and receive income from his or her job. Why Is Disability Insurance Important? A 2008 study by the National Safety Council found that a disabling injury occurs in the US every 1 second. The majority of these disabling incidents are attributed to back injuries and illnesses such as cancer or heart disease. Disability is often overlooked because many people think that they would be covered by their employer’s workers compensation policy. However, coverage through workers compensation is only available to employees who contract an illness or are injured on-the-job. According to the same 2008 National...
Do You Need Disability Insurance?

Do You Need Disability Insurance?

There are misconceptions about all types of insurance, but the most misunderstood is probably disability insurance. Insurance consumers may believe that only those that are disabled need disability coverage. However, like most other insurance, it cannot be purchased after a disabling event has occurred. It also cannot be purchased by those who are already disabled, unless it is being purchased in the event of other specified disabilities. Here are a few reasons why you should purchase disability insurance. Your Employer-Provided Coverage Won’t Last Forever So your employer offers short term and/or long term disability insurance as part of your benefits package. This insurance may come at little or no cost to you.  Now what happens when you leave your job? The Bureau of Labor Statistics reported in 2015 that the average person has 11.7 jobs between the ages of 18 and 48, with over half of those between the ages of 18 and 24. Between ages 40 and 48, 32% of jobs ended in less than a year and 69% in less than 5 years. The disability benefit you receive from Employer 1 doesn’t carry over to Employer 2. While Employer 2 may provide disability benefits as well, you can’t take that coverage with you either. And what about Employer 3? Does he even provide it? Maybe not. If you’re going to pay in to a disability policy, it should be one that stays with you no matter your employer. You control the limits, you control the portability and you benefit if you become disabled. You Could Become Disabled The chances of becoming disabled increase with age and infirmity,...