When Disability Insurance is Necessary, and How to Get It

When Disability Insurance is Necessary, and How to Get ItYour most valuable asset is your ability to make a living. The chance of missing months or even years of work due to an injury or illness may seem unlikely, especially if you’re young and healthy and you work at a desk, but more than one in four individuals will experience a disability for 90 days or more before they reach age 67.

People often shrug it off because they only consider rare scenarios, such as spinal cord injuries leading to quadriplegia or horrific accidents that result in amputation. But back injuries, cancer, heart attacks, diabetes and other illnesses lead to most disability claims. What would you do if you couldn’t work? How far could you go without a paycheck?

Disability insurance pays a portion of your income if you can’t work for an extended period of time due to an illness or injury. Everybody who relies on a paycheck should obtain this coverage, but everyone thinks it will never happen to them.

Purchasing Your Own Policy

You can purchase an individual disability insurance plan directly from an insurance company. Disability insurance safeguards against the financial distress often resulting from a disabling injury or illness. Even temporary or short-term disabilities can be devastating, leading to massive debt and even bankruptcy. Obtaining a tailored individual disability insurance policy specific to your needs can make all the difference.

Disability insurance payments can be used for any expenses you decide to apply them to, whether it be to support your spouse while you are recovering, pay for home healthcare that medical insurance doesn’t cover, or fund your business to prevent your absence from bringing the company down. There are endless ways disability insurance can protect you in your time of need.

The Benefits

The policy is especially beneficial if you don’t have any or enough disability coverage at work or are self-employed. Employer-sponsored disability insurance usually pays only a portion of your base salary, up to a cap. It’s a good idea to supplement that coverage if your salary far exceeds the cap or you depend on bonuses or commissions. An insurer will consider other sources of disability insurance to determine how much coverage you can buy.

Buying your own policy lets you:

  • Customize the coverage with extra features.
  • Keep the coverage when you change jobs. Employer-paid coverage ends when you leave the company. (You might be able to take the coverage if you pay the full premium for disability insurance offered through the workplace.)
  • Control the disability insurance. The coverage stays intact as long as you pay for it.
  • Collect benefits tax-free if you become disabled. If the employer pays for the coverage, you must pay taxes on the benefits.

About Barnes Insurance Agency

At Barnes Insurance Agency, we specialize in vacation home rental insurance to ensure the protection of your property and assets. We strive to offer customizable solutions to meet your specific needs. For more information, contact us today at (877) 279-2500.

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