What Does Disability Insurance Protect?

  1. 63333 POINTS
    Peggy Mace
    Most of the U.S.
    Disability Insurance protects your income. It protects your family from the extreme hardship they might experience if you were to lose your job due to disability. It protects your lifestyle, as much as it can be protected, after experiencing a serious illness or injury. It protects your creditors, your credit score, your integrity, your dignity, and your peace of mind.
    Answered on July 12, 2013
    flag this answer
  2. 63333 POINTS
    Peggy Mace
    Most of the U.S.
    Disability Insurance protects your paycheck. Only people who draw an income can purchase Disability Insurance, and the benefit you can get is based on your income. If you were injured and unable to go to work, or got an illness that caused you to be off of work, or had complications in childbirth that kept you from going back to work as planned, Disability Insurance will pay a large % of your paycheck to you in cash each week. You can use this money just as you would have used the paycheck you earned through your job. So in essence, DI also protects your family, your home, and your lifestyle.
    Answered on July 24, 2014
    flag this answer
  3. 21750 POINTS
    Jim Winkler
    CEO/Owner, Winkler Financial Group, Houston, Texas
    That is a great question! I'm glad that you asked. Disability insurance basically protects your income from disappearing if you become disabled, and unable to work for a period of time. While it won't completely cover your lost paycheck, it can cover a good portion of it, and if there is a workman's comp payment also, you can probably get by without too much hardship. A disability plan makes great sense if you work in a career where it is a good likelihood that you could sustain an injury that would keep you out of work for several months, or if you live paycheck to paycheck and would be in serious financial hardship if an injury or illness were to strike. I hope that helps, thanks for asking!
    Answered on July 24, 2014
    flag this answer
    4. Did you find these answers helpful?
    Yes
    No
    Go!

Add Your Answer To This Question

You must be logged in to add your answer.


<< Previous Question
Questions Home
Next Question >>