While the thought can be scary, it’s an unfortunate fact of life that the future is always uncertain.This is why it is so important to prepare as best as we can ahead of time for anything that life may send our way. If you’ve ever considered purchasing disability insurance, or had questions about exactly what it is, then the following information should be helpful. To find out more about disability insurance, or to explore the right coverage for you, contact a DSI agent today.
➔ When you are unable to work due to an illness or injury, disability insurance replaces a portion of your income.
That’s it, in a nutshell. If you unexpectedly become unable to work because you fall victim to an illness or accidental injury, disability insurance will help to pay essential expenses, such as payments on your home or car, food, utilities, medications and/or school tuition, among other things.
➔ If you and/or other people depend on your income, then you should definitely have disability insurance.
The truth is, if you have family or dependents who depend on your income – not to mention if you yourself depend on your income to live – then you need disability insurance. Many people wait until it’s too late and end up learning the hard way, following an accident or illness, that social security disability benefits aren’t available to them because they are will be out of work for less than a year. Imagine how months without any income would impact your family and deplete your savings account. Now do you see why disability insurance matters?
➔ Most long-term absences are taken as the result of an illness, not an accident.
It’s commonly believed that disabilities are most often caused by accidents. In reality, the majority of long-term absences are actually due to unexpected illness.
➔ Make sure that you’re informed about how much disability insurance you receive at work (if any).
Before purchasing disability insurance, check and see whether disability coverage is available to you through your workplace benefits package. Even if it is, be sure to look carefully at the coverage details. Group benefits alone may not be adequate on their own (due to benefit limitations and the types of income covered).
➔ Carrying some amount of disability insurance is better than opting out of disability coverage entirely.
This is not one of those “all or nothing” types of things. Even if you’re operating on a pretty tight budget, it still makes sense to buy enough disability insurance to cover your auto payments and rent or mortgage payments should you become disabled. And disability insurance is likely more affordable than you think!
➔ When it comes to purchasing insurance coverage, there is simply no substitute for great advice!
Taking the steps to properly protect yourself and your family with disability insurance coverage is an important part of a strong financial plan! Be sure to seek out professional advice on how much coverage is right for your specific situation and needs.