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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...