Disability Insurance is Income Protection Insurance
Just like your auto or homeowners insurance, disability insurance helps protect your income if you became unable to work. However, unlike other types of insurance, disability insurance protects your most important asset – your ability to earn a living.
Individual disability income insurance is all about you but benefits the whole family. Coverage is tailored to an individual’s health, income and occupation. Disability insurance is the best way to protect your paycheck and your family’s financial future. Accidents happen but if an injury or illness prevents you from earning an income, things can get harder. Being prepared can make all the difference when you need it most.
Social Security Disability Insurance & Employer-Paid Disability Insurance is Not Enough
Although many of us our covered by federally-funded Social Security Disability (SSD, or SSDI) and Supplemental Security Income (SSI), the application process can be complicated and not everyone is approved. If you’re approved, the amount of SSDI or SSI someone get every month is based on how long you’ve worked, how much you’ve contributed to Social Security, etc. – there are many factors to consider and calculations can get complicated.
But wait, your work benefit package includes disability insurance so you should be covered, right? Employee-paid disability insurance can be a great perk – as long as you’re employed with the same company. Accidents and injuries that prevent you from working can happen at any time, including if you’re between jobs, waiting for benefits at your new job to kick in