many need it, but do not have it
Disability insurance is one of the most misunderstood insurance plans out there. You may not think you need a long-term insurance policy but many people who need disability insurance do not have it.
Long-term disability insurance is designed to jump in after a short-term policy ends. Long-term plans ensure you have enough income to pay your mortgage, utilities, groceries, and other bills if you’re out of work for months or even years. Short-term disability insurance will replace your paycheck for the first couple weeks or months after your injury. These policies are usually offered by employers.
According to the Social Security Administration, more than 1 in 4 workers, who are 20-years-old, will be out of work for 90 days or more because of a disability. If you were injured on a job, worker’s compensation may help replace your paycheck, but what happens if you’re injured at home? If you have a disability insurance policy, it could replace your lost wages.
Before we take you through a list of the best disability insurance companies, you need to understand the different types of insurance policies.
Long-term disability insurance is going to be more expensive because of the amount of coverage it can provide.
Who Should Have Disability Insurance?
- Those committed to saving for retirement
- Those who currently have group long-term disability (LTD) and/or individual disability income insurance
- Often sold to corporate executives, accountants, attorneys, business owners, engineers and medical professionals
- Individuals working 20 or more hours a week