If you’ve heard of disability insurance, chances are that it’s been in relation to workplace injuries. Contrary to popular belief, disability insurance covers more than that, though. The vast majority of people can’t risk an extended period of time with no source of income. Bills pile up, groceries and other necessities need to be purchased, and the things you need to pay for don’t go away if you have an accident, injury, or get sick. These are all things disability insurance can help with.
If you’re wondering whether or not you should get disability insurance, here’s what you need to know.
What Is Disability Insurance?
This type of insurance is meant to replace the majority of your income in the event that something happens which makes you unable to work for a period of time. There are two different types of disability insurance: long term and short term. As they sound, short term insurance is meant for a shorter period of time, anywhere from a few months to a year or so. Long term insurance is meant to last a longer period of time.
Should you become disabled, it is meant to help you pay for your bills and everything you may need until you are able to go back to work. It replaces the majority portion of your income so that you can still procure everything you need while you’re disabled, giving a sense of security and peace of mind, so that you don’t have to stress about not having a paycheck for a period of time.
What Counts As A Disability?
What counts as a disability varies from place to place. Generally, disabilities are counted as injuries, such as a broken leg that would take you out of commission for a few months, and illnesses, both mental and physical. The majority of long-term disabilities are from illnesses, rather than injuries, and affect everyone, including those just entering the workforce.
Reasons To Consider Disability Insurance
Most people can’t afford to miss a paycheck. If you become disabled and no longer have that steady source of income from your work, it can majorly impact your lifestyle, making it so that not only are you injured or sick, but you are also extremely stressed, which does not lend itself to a conducive mindset or atmosphere for recovery. This insurance alleviates that stress and provides security when you otherwise might have none.
While most people like to think that they don’t ever have to worry about becoming disabled or ever needing this kind of insurance, the truth is the accidents can happen to anyone, no matter who they are or what their job is. Anyone can get sick, mentally or physically, and anyone can get injured, regardless of if you work an office job or if you work a trade job. If you abruptly find yourself unable to work, you don’t want to be left floundering and scared.
Disability insurance gives security and is there to help you focus solely on getting better in the event that something happens to you. No matter what your age or occupation is, if you rely heavily on your job in order to be able to live, you could benefit from disability insurance.
Who Needs Disability Insurance?
As mentioned above, anyone would benefit from having this insurance. When considering whether or not you may need it, you may consider asking yourself some questions. You may ask whether or not you can afford all of your monthly expenses without a current source of income. These include your rent, your groceries, your utilities, your travel expenses, your debt payments, your entertainment expenses, your maintenance bills, your car expenses, and more. If the answer is no, you could benefit from this insurance.
Disability can be unpredictable. While some may think it will never happen to them, the truth is that you never know when an accident might happen or illness might strike that could take you out of commission for months. Unfortunately, many people can’t afford to be out of work for that long, and it could lead to financial ruin. This kind of insurance will ensure a sense of financial security, so that you know if something should ever happen to you, you will still be able to afford everything you need to.
Do You Need Disability Insurance?
Here at Insurance Unlimited in Bozeman, we know life can be unpredictable. Our expert team can provide you with the best insurance policies for you. To learn more about the insurance plans we offer, please contact us at Insurance Unlimited in Bozeman today!