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Why Do You Need Disability Insurance

No one likes to think that he or she could ever get into an accident and become injured or disabled. Most people have a tendency to think they are invincible and that bad things only happen to other people. However, bad things do happen and if you do not prepare for it, an accident can strike a huge financial blow to you and your family. If you want to protect your family and your assets, then you should consider getting disability insurance.

Perhaps you think that Social Security benefits and other forms of government aid can help you if you were to get into an accident and find yourself unable to work for an extended period. While the government does have programs to help people in need, they are not enough to give a family the money it needs to continue living as they currently do. In addition, it can take many months to go through the process of getting disability benefits from the government, and even then, those benefits are not guaranteed.

If you want to know that you have protection, then you will want to get disability insurance from a private company rather than depending on the government. The insurance will be able to replace your income if you are sick or injured and unable to go to work. In most cases, you will find that the disability insurance will cover between fifty and sixty percent of your gross income.

Short-term disability coverage, and the name implies, will pay benefits for a short amount of time. This is generally between a few weeks and two years. Many employers will offer short-term disability policies. Short-term policies are fine if you are only going to be out of work for a small amount of time. However, you never know what life can bring, so you might want to invest in a policy that will cover you for a much greater period.

Long-term disability insurance provides you with the benefits you need for a much longer period, up to five years in most cases. While you can sometimes find this kind of insurance through your employer, you might need to find an insurance company on your own that can offer you the coverage. It is important to note that this type of insurance will expire when a person reaches 65 years old.

Other types of disability insurance policies exist as well. The own occupation policy covers you if you are injured while performing your daily job and can no longer perform that job. However, they will still pay benefits to you even if you are able to work in another capacity. Income replacement insurance is a popular type of coverage. It covers you if you are unable to work in your job or any other due to injury or illness. When you speak with an insurance representative, you will be able to learn about other types of coverage as well.

As you begin researching the different insurance companies and policy types that are available, you will realize that each company and policy might be slightly different.

You will want to read everything over and make sure you are able to understand all the verbiage in the policies. Find the best policy that fits your lifestyle. Regardless of the type of job you have, whether you are self-employed or work for a large corporation, you should strive to find disability insurance that can cover you in a time of need. If you want yourself and your family to remain financially stable, then you can't put off getting one of these policies.

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