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Disability Insurance Get a Free Quote from an Expert Agent

Overview

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Disability insurance is a type of insurance policy that pays monthly benefits when you become unable to work because of a disabling physical or mental reason. You may be able to buy it at work or you can purchase it on your own and pay monthly premiums.

There are numerous types of disability insurance, from bare-bones policies to those with options galore. Your individual coverage will determine when your benefits actually begin, how much you receive, the limitations on your coverage, and how long you can receive benefits.


Who Needs It?

You must decide how much financial risk you are willing to assume should you suddenly find yourself unable to work for an extended period.

Disability insurance is not really intended to cover a short-term injury or illness. If you rupture a disk in your back and are out of work for two months, it's not wise to draw on disability benefits because your future premiums may skyrocket. Instead, experts advise using your savings to live on for a couple months, even selling a mutual fund or stock or two if necessary, to cover a short-term illness. In some cases, your employer might pay sick-leave benefits.

Determining whether you need disability insurance is a personal choice. You must decide how much financial risk you are willing to assume should you suddenly find yourself unable to work for an extended period. How many months can you rely on your savings? How easy will it be for you to rebuild your nest egg for your retirement years? Can your spouse's income cover the lost salary?

Your income level also helps determine your need. In general, experts say, people who make less than $30,000 or $40,000 a year don't need it. Some insurance companies won't offer coverage for people with incomes below $20,000.

Of the roughly 4 million Americans who have disability insurance, most are white-collar professionals. Some insurance companies won't cover workers in certain dangerous professions no matter how high their income, such as pilots, miners, and police officers.


Products

Long term disability

Short term disability

Long Term Disability covers you until age 65. This is what most people think of when they think of disability insurance. It is the most important type of disability insurance. No one should be without it.

Short Term Disability covers you for up to a year. This covers you for a shorter period of time. Great for accidents and maternity. Accident coverage is also included and can even be bought separately.

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