Why you should make sure you have disability insurance

Disability insurance can come in very handy in the event that you become disabled. This type of insurance provides you with the money you will need to meet your financial needs while you are unable to work. Even if you already have money saved up for such an emergency, there are still many reasons to invest in disability insurance. Keep reading to find out more.What the Statistics Tell Us

According to insurance statistics, the average adult is much more likely to become disabled than they are to die of a premature death. There are many reasons for this, including advancements in medicine and new treatment methods for many diseases. While it is possible to go through life without ever becoming disabled, the statistics are high enough to make disability insurance a good choice for most people. This is especially true for those who are the sole financial providers for their family.

How Would Disability Affect You?

disability insuranceIt is important to consider what you and your family would do if you ever became disabled. While some disabilities may be temporary, others can last for months, years or the rest of your life. It will be beneficial to come up with a plan for this scenario in advance. You may decide that another family member will need to become the main provider or that you will need to cut back on expenses. Disability insurance can be a great help to people who find themselves disabled, as it will provide you with a livable income until you find a more permanent solution, which is why it is also sometimes called income protection insurance.

Disability Insurance via an Employer

Many people assume that the disability insurance that their employer provides will be sufficient to sustain them in the event they become disabled. However, this may not always be the case. Many employers only offer short-term worker’s compensation or disability insurance that may not be enough to cover all of your living expenses. You may also be eligible for Social Security if you become disabled, but many applicants are denied many times before their claim is finally approved. Even people who are approved for Social Security may be subjected to a six month waiting period before receiving benefits.

Because of this, it is a good idea to become familiar with the worker’s compensation benefits offered by your employer. If you find that they are insufficient, you can find a third-party disability insurance provider to supplement any worker’s compensation or Social Security payments you would receive.

Disability insurance is a great safety net that will help to ensure that you and your family are financially protected in case you ever become disabled. Anyone who supports themselves or someone else should look into the benefits of this type of insurance.

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