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Disability Insurance Protects You and Your Family from the Unthinkable

There are many types of insurance for people to consider these days. From health and car insurance to homeowner’s and life insurance, it can seem like there is a lot to manage. One type of insurance that every working American should have is disability insurance. Statistics show that one in three working Americans will face a disability lasting at least ninety days. When trying to determine if you need disability insurance, consider this one question, “could your family comfortably survive without your income for a full year?”

The answer to that question for most households is a resounding no. Even if you are not the primary breadwinner in your family, these days most households rely on two separate incomes to make ends meet. In the event of disability, one income stops and the household immediately begins to suffer financial problems. In addition, with disability often comes added medical expenses as well as lost time for other household members in order to provide care and transportation to medical appointments.

Disability can affect every member of your family and every aspect of your life. If your family would be unable to survive for a long period of time without your income, disability insurance is crucial. If your company does not provide disability insurance, it is up to you to look into a policy.

Most disability insurance policies pay between sixty and eighty percent of your wages for the period of time that you are unable to work. This can offer much benefit to a family that would otherwise be without a significant source of household income. This period of payment stops after a set number of years or when you reach retirement age. Once you have reached retirement age, you will qualify for retirement benefits that will instead serve as your family income.

Another thing for many employees to know is that disability insurance benefits are considered tax free is the employee pays the premiums for the policy out of pocket. While employer plans are usually preferred because they are often free of charge, there are benefits for employees who pay for their own benefits. Regardless of who pays for the policy, however, the benefits far outweigh the costs.

When looking for a disability insurance policy, be certain to read the terms carefully. Many cheap policies offer a number of loopholes and very rigid definitions of what conditions qualify a patient to be declared disabled for payment purposes. Look for a policy that covers common illnesses and injuries as well as any conditions that you may be at risk for. It is important that if you become disabled that you have a policy that will truly work to protect you.

When possible, it can prove highly beneficial to look for a plan that offers both short and long-term disability. Short-term disability acts much like sick pay and offers you coverage from the time you must leave work due to illness or injury. Long-term disability protection begins after this policy has stopped and if for people who will be unable to work for a prolonged time. When choosing a long-term policy, be certain to ensure that you are not paying for double coverage for a time when you are still covered by your company or private short-term disability plan.

In all, there are many reasons why you should have disability insurance. The chances that you will need the coverage are simply too high to make avoiding the policy worth the risk. If you are employed and your family could not meet all financial obligations if you were unable to work for an extended period of time, disability insurance offers you a safety net to protect your assets and loved ones in the event of an illness or injury.

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