Who Needs Disability Insurance?

Throughout life’s journey, unexpected turns may inevitably adversely affect your life. In some cases, injuries, illnesses and other health conditions may even keep you from being able to work and earn income. In these situations, having appropriate disability insurance can make all the difference. 

What Is Disability Insurance?

Disability insurance is a type of insurance product that may provide you with financial support if you become unable to work due to a disability. Disabilities can be caused by various circumstances, including accidents, illnesses or chronic conditions, and even the healthiest and most risk-averse individuals may eventually need it. A disability insurance policy typically pays a percentage of the insured’s wages or salary during its coverage period.

Disability insurance can generally be categorized the following two types:

• Short-term disability insurance—While short-term policies may cover a portion of the policyholder’s salary for a more abbreviated period of time (e.g., up to 6 months), they may also be more affordable than their long-term counterparts.

• Long-term disability insurance—On the other hand, long-term disability insurance has generally higher premiums in exchange for financial assistance that can last for several years or even an insured’s entire life.

Who Should Consider Getting Disability Insurance?

Disability insurance can prove to be a beneficial investment for all individuals and families, as the financial security and peace of mind it provides may be invaluable. Still, there may be some situations where coverage is especially paramount. People who fall under the following classifications may be in particular need of disability insurance coverage:

• Working adults—Individuals who rely on their income to support themselves should consider disability insurance. By having a suitable policy, insureds can rest easy knowing that they will be able to maintain their standard of living even if they’re unable to work due to a disability.

• People with high-risk hobbies—Individuals who enjoy dangerous or risky activities, such as rock climbing and spelunking, are often more likely to suffer health issues. Disability insurance can provide financial protection in these cases.

• Parents or those with dependents—If an individual has dependents who rely on their income, such as children or elderly parents, having disability insurance may be essential. The right policy can help ensure that loved ones’ financial needs will be met even if a provider is unable to work.

• Individuals without substantial savings—If someone lacks significant savings to fall back on in case of a disability, the right insurance can be a necessary lifeline. Payouts may help cover daily living expenses, medical bills and debt repayments.

We’re Here to Help

Disability insurance is an essential part of a comprehensive financial plan. The right policy can provide financial security and peace of mind, knowing that you and your loved ones will be taken care of if you’re unable to work due to a disability.

At Insurance Solutions USA, we’re well-equipped to help you understand and secure ideal disability insurance coverage. Contact us today to get started.

This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.