Disability Insurance provides protection for your most valuable asset, your income. In the event of an illness or injury, Disability Insurance will replace your income while you cannot work. The coverage will continue to pay while you are partially disabled, and if you are totally disabled. This coverage is vital for the primary wage earner in every family.
Frequently Asked Questions About Disability Insurance
This will depend on the quality of the program offered through your employer. Most plans will cover only Short Term Disability, and have small benefit limits. However, we recommend purchasing the coverage anyway since the cost is minimal, we suggest you supplement this plan with your own outside of work.
Disability Insurance will replace your income based on a covered illness or injury, pay for rehabilitative services, and in some cases, pay a partial or full permanent disability benefit.
This will depend on your job type, if you are self-employed, and the primary wage earner in your household. For example, if you are a Doctor, we recommend a Long Term Disability policy with an own occupation rider, option to purchase future additions, and non-cancellable rider. The point here is to create a plan for your family so they can maintain their normal standard of living if you become disabled.
This will depend on the type of Disability Insurance you purchase, age, health, occupation, and how much income you want to protect. Basic policies can be as little as $40 a month.
If you are purchasing your own policy outside of work, we recommend working with a local insurance agent. Your agent should sit down with you to review your income, and help you determine how much to protect. Disability Insurance policies also have many optional coverages that can be added, so having an agent will be helpful to see which options will fit your specific needs.