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Disability Insurance

Many of us don’t want to think about struggling financially because we’re unable to work. Yet it’s a possibility.

Every second

Statistics show that a disabling accident occurs every second in the United States. That’s over 84,000 cases per day of people who are in need of paid sick leave, short-term disability benefits, and long-term disability. Even though disability is such a common problem, many people do not have access to adequate savings or insurance that allow them to maintain their standard of living.

Disability insurance is needed by just about everyone who earns a living. Surprisingly, single people often need it more than married couples because they don't have a spouse's income to fall back on if they are injured or become too sick to work. On the other hand, most married people have a hard time imagining what it would be like to live on one salary when they barely get by on two.

Disability Defined

When a disability leaves you unable to work for an extended length of time, you lose the ability to earn an income that will provide for yourself and your loved ones. Meanwhile, your living expenses continue to increase with inflation. Disability insurance is designed to help you maintain your standard of living when you cannot work. If you don't have much in the way of assets for a financial cushion, you need enough to cover costs and supplement your income until you can go back to work.

Two Definitions of Disability Disability is considered either "Own Occupation," which is the inability to perform the duties of your own specific occupation, or "Any Occupation," which is the inability to perform the duties of any job for which your education and training qualify you.

How Much is the Benefit? Most policies have a fixed monthly benefit. Although the benefit doesn't increase over time, you can usually purchase extra coverage or cost of living increases.

When do I Receive the First Benefit? There is a waiting period between the time you become disabled and the time you begin to receive benefits. Waiting periods can range from one week to two years. In general, the longer the waiting period, the less the policy costs.

How Long Will the Benefits Last? The benefit period, which is how long you receive monthly benefits, can range from six months to the rest of your life, depending on what your company offers and the choices you make.

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