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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,...