Disability Insurance

 

Guard Against the Unknown with Disability Insurance

Insurance exists essentially to offer you financial protection when you are faced with some of life’s unpredictable events. You’re familiar with auto insurance, which protects you in the event of a car accident; home insurance, which offers protection from fires, natural disasters, and other problems, and life insurance, which provides your family with protection when you die. But are you familiar with disability insurance and how it works?

 

The concept of disability insurance is very simple; should you become injured in such a way that you can no longer perform your job, you’ll be provided with an alternative source of income. This could be a injury arising from an accident, or a condition acquired from a degenerative illness, so it covers quite a lot of ground.

You can purchase either short term or long term disability insurance.

  • Short term disability insurance may be purchased in increments anywhere from 30 days to one year, and you can make that selection yourself based on your doctor’s official recommendation of when you may be able to return to work.
  • Long-term disability insurance covers accidents and illnesses that prevent you from returning to your job for a period of time greater than 15 weeks and potentially for never returning back to your job at all. You can choose the length that you want your disability insurance payments extended over as well, from as little as 2 years of monthly benefits to your retirement age.

Many employers will provide some level of short term and long term coverage, although you may wish to purchase additional insurance policies to obtain higher coverage.  You may choose to shop for disability insurance online or you may feel more comfortable talking to one of our insurance advisors about the what is available.

Some of the things you’ll want to consider when comparing plans are as follows: what is defined as a disability under each plan? Some plans may have looser or broader classifications than others in terms of defining what you will receive benefits for. A second question to ask is how much of your salary will be covered. Some people will find that they can return to work part time; ask if doing so will void your benefits. And finally, find out if you can increase your coverage during the life of the policy, and if the payments are adjusted for inflation.

Disability insurance will help make sure that if tragedy in the form of a debilitating injury or illness occurs, you and your family will still receive an income that is equivalent to or nearly equal to your normal compensation. It’s a valuable investment offering peace of mind now and tangible benefits when you need them.