What is Disability Insurance?
Disability Insurance is insurance coverage that is designed to substitute income payments in the event that the insured is unable to work for a prolonged period of time. It is designed to allow for the insured to continue with their current standard of living until the disability has been rehabilitated. If you were to become disabled and could not work for an extended period of time, your income would discontinue, however, your bills and living expenses would remain constant. Due to the fact that you are unable to perform your duties of employment in the event of an injury, the cost of your care or rehabilitation may even cause your monthly bills to increase. Also, depending on what kind of medical coverage you have, you may have to wait extended periods of time for reimbursements from your provider. There may also be many expenses that will come out of pocket, such as prescriptions and other therapies, that may not be covered by your health insurance policy. Disability Insurance is designed to help provide the monthly income that will help you meet these needs and handle some of the burden of your daily living expenses.
Who needs Disability Insurance?
Every employed individual that would be adversely affected by a continued inability to work due to an injury or prolonged sickness needs Disability Insurance in one form or another. When people without Disability Insurance are injured and can no longer work, their income will stop, and many have to depend on their life savings for income and slowly watch it disappear. Disability Insurance may not be a fit for everyone. For example, a homemaker may have no immediate need for Disability Insurance because they are not reliant upon an income stream derived from their employment. On the other hand, if you are single and rely on the income from your job to pay your monthly bills, you may want to seriously consider purchasing Disability Insurance. This way you are covered in the event that something does happen and you are unable to rely on the income of a spouse to make up for the loss of income. Married people need coverage too, especially if there are dependent children, as one spouse typically does not make enough income to support the entire family.
How much Disability Insurance do I need?
The amount of Disability Insurance an individual may need can be determined relatively easy. Essentially, You need to purchase enough coverage to substitute your monthly income until you can go back to work, or until other resources become available such as disability payments from Social Security. It is suggested that you purchase enough coverage to replace your total take-home monthly income.
Where can I get Disability Insurance?
There are several companies that offer Disability Insurance and can provide you with a monthly benefit should you become disabled. You should always contact a qualified, independent representative to assist you in determining the right amount, and type of coverage that fits your specific needs. These individuals can provide you with insight on multiple insurance companies that will provide you with the coverage that you or your family may need.
Please click on the link below to have a qualified, independent representative in your area contact you to see if Disability Insurance is right for you.
Free Disability Insurance Quote |
