Disability insurance is insurance that pays you cash if you become unable to work. You choose an elimination period, which is the amount of time you must be disabled before the policy will pay. The shorter the elimination period, the higher the premium. If you suffer an illness or injury that would require you to be off work for an extended period of time, Disability Insurance will pay you a hefty percent of your income until you are able to get back on the job, or until retirement, if you chose a policy that would pay out that long.
Enrolling in a Disability plan is a good idea for anyone who relies on their paycheck for the basic provisions of life.
Social Media Director, Ash Brokerage Corporation, Fort Wayne, IN
To addend to Peggy's note above - she's provided an excellent foundation.
Disability protection is critical to a solid financial foundation. Unfortunately, most do not realize how important protection is until it's too late - after they become too sick or hurt to work. The chances of suffering a disability are higher than many think and the effects can be devastating. As Peggy said, if you depend on your paycheck - you need to consider this converage strongly!
Consider This:
Almost one-third of Americans entering the work force today (3 in 10) will become disabled before they retire. [Social Security Administration Fact Sheet Jan 2009]
Applications for Social Security benefits increased by 21 percent, but only 35 percent of the 2.8 million workers who applied for SSDI were approved. [Social Security Administration Office of Disability and Income Security Prgrams.]
If you have the need to work for a living, then yes you should purchase disability insurance. Disability insurance is designed to protect your income in case of an illness or injury so severe you can no longer work at your trained profession. Most policies will pay you up to 70% of your income all the way to age 67. There are a lot of moving parts to know when purchasing disability insurance policies like, waiting periods, elimination periods, benefit periods, lump sum benefits, etc. I recommend using an experienced independent disability broker that can help you find the best coverage at the best price for your unique situation.
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Enrolling in a Disability plan is a good idea for anyone who relies on their paycheck for the basic provisions of life.
Disability protection is critical to a solid financial foundation. Unfortunately, most do not realize how important protection is until it's too late - after they become too sick or hurt to work. The chances of suffering a disability are higher than many think and the effects can be devastating. As Peggy said, if you depend on your paycheck - you need to consider this converage strongly!
Consider This:
Almost one-third of Americans entering the work force today (3 in 10) will become disabled before they retire. [Social Security Administration Fact Sheet Jan 2009]
Applications for Social Security benefits increased by 21 percent, but only 35 percent of the 2.8 million workers who applied for SSDI were approved. [Social Security Administration Office of Disability and Income Security Prgrams.]