Disability Insurance Protects You and Your Family
What would you do if you lost your ability to work from temporary or permanent disability?
How would you pay your
- Mortgage or rent
- Groceries
- Utilities
- Your children’s education
Most people don’t realize the risk of becoming temporary or permanent; however, it does happen. So, when considering the possibility, also examine your financial situation. One crucial element to consider is Disability Insurance.
Disability Income insurance protects you in the case of loss of income
Many elements make up a disability insurance policy, so it is essential to understand when and how you will receive the disability income if the need arises. For example, you will need to know how your policy defines and covers short- and long-term disability and total disabilities.
In addition, it is essential to know if there is a waiting period for the income to kick in and if the payment from the disability income insurance policy will affect Social Security, workers”s Compensation, or unemployment benefits.
Different policies are also to consider, such as choosing a short or long-term policy period. Another critical element to look for when choosing a policy is knowing if it covers disabilities from both accidents and illnesses.
Do you think that social security would cover you?
Think again. The benefits are limited. To determine your Social Security disability benefits and learn more about benefit eligibility, visit www.ssa.gov.
What about Workers’ Compensation?
Workers’ Compensation only kicks in if you are hurt on the job. What happens if you are injured at home? Again think disability income insurance.
What if you tore a ligament while playing on that weekend co-ed baseball team and had to have surgery? You’d be out of commission for a while. Disability income insurance can also replace lost income temporarily while you heal from the hazards of being a weekend warrior.
Your greatest asset is your ability to earn a living. Think about it—what would become of you and your family if you suddenly became disabled and could no longer work? Disability insurance can play a crucial role in helping you manage your financial needs if a disabling illness or injury occurs.