It’s easy to think of disability as something that happens to other people, but there are all kinds of situations that could put you out of work. Although illnesses and accidents can’t be predicted ahead of time, you can prepare for them.
What Is Disability Insurance?
In the event of illness or an accident, disability insurance helps you. It provides compensation designed to replace a certain percentage of your income when you’re not working.
It’s important to note that disability goes far beyond the catastrophic conditions people typically envision. Depending on your policy, you could receive compensation for everything from mental health issues to maternity.
There are also many different kinds of disability insurance. One of the most important distinctions determines how long you receive coverage:
- Short term disability insurance is typically designed to provide coverage for up to six months.
- Long term disability insurance is designed to provide coverage for much longer periods, sometimes until you reach retirement age.
Why Disability Insurance Is Important
There’s a 43% chance that people between the ages of 40 and 65 will experience a disability of at least 90 days. When life planning, disability insurance allows you to rest easy knowing that being put out of work won’t wreck your financial future.
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