Disability Insurance


What It Is…

Disability insurance is an insurance policy that protects a worker’s income. If you experience an injury or are diagnosed with an illness that keeps you from going to work, this policy will provide you with a portion of your income during this time. Your employer may offer you disability insurance in your employee benefits package. Whether this is the case or not, you can purchase a private disability insurance plan to ensure that you are adequately covered.

Who It Is for…

A separate disability insurance policy is necessary if the disability insurance policy you have with your employer will not provide enough money for you to meet all of your expenses each month. Disability insurance is necessary for everyone working today unless you have a significant amount of money stashed away that could last you a lifetime. If you don’t have this, you may be one out of the four people in America who become disabled during their working lives. Disability insurance would protect you from this unfortunate event.

How It Works…

Before you can collect payments under your disability insurance policy, you will need to wait for the elimination period to end. In this case, you will need to be diagnosed as “disabled” so that the elimination period can begin. After the elimination period is over, you will start to receive monthly payments from your insurance company.

Different Types of Coverage in Existence…

One type of disability insurance is short-term disability insurance. You will qualify under these policies if you have an illness or injury that will only require three months to six months for you to recover and return to work.

There is also long-term disability insurance. You qualify for long-term disability payments if you cannot work for at least one year.

Major Benefits…

The major benefit of disability insurance is the fact that you will be able to continue paying your mortgage and all of your other bills. Your kids would be able to continue living their current lifestyles while you take the time you need to recover from your illness or injury.