Disability Insurance

What Is It?

Should you become injured, you will be faced with medical bills that mandate one’s immediate attention and, of course, payment. As is often the unfortunate case, one will also be required to take time off from work to recover and this means no income in the meantime. During the downtime, one will likely need to recover from his or her physical injuries and perhaps from emotional trauma as well. In some instances, if it is a short-term disability, one can get back to the job within a few weeks or so. In other instances, one may be unable to work for months and, consequently, lose the income. Disability insurance is a special kind of insurance protection that is engineered to pay out for lost income during one’s period of recovery. However, it will not pay out benefits forever. This coverage provides benefits for a certain period of time as outlined in the policy details.


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Who Does It Benefit?

It is human nature that so many will fail to be prepared for a scenario that is both unexpected and challenging. An example might that you become so injured that you are unable to work and pay bills – this includes not having the requisite money saved to help during such a difficult time. No longer having a regular income, one may find themselves unable to handle rent or mortgage payments. In this case, the worst outcome would be eviction and then finding yourself out on the sidewalk while still being ill or injured. Or, maybe your car might next be repossessed, which means that even if you can work, you no longer have a way to get there. Then comes the inability to pay for food or clothes and so on. This grim picture comes with immeasurable financial stress and can move on toward creating severe problems for all involved.


When you buy disability insurance, you can manage benefits that allow for a certain level of income for a specified length of time. This coverage can be the key to alleviating or even eliminating many of the horrific aspects mentioned above. With this coverage paying out benefits, you can avoid financial ruin as a result of facing a serious injury that has prevented you from working. Normally, this extra added monthly income is equivalent to your normal take-home pay, but one can also change the payout amount to a desired level. Disability insurance will normally only offer financial benefits related to specific kinds of named issues in the policy. Keep in mind though, some policies include coverage for all issues, except for those specifically excluded in the policy details. It is important to fully understand how your coverage operates before you make a decision to obtain it. Also, keep in mind to periodically review your policy and, if necessary, change your disability coverage to reflect changing financial needs and situations so as to better meet your needs.