Who needs disability insurance? The answer is anyone who currently is able to work. Disability insurance covers earnings if you are unable to work because of an illness or injury. It may not provide your full current income, but can offer enough financial stability so that you can continue to pay your bills and support yourself and your family.
Many employers offer disability insurance, but if yours doesn’t, purchasing a disability insurance policy is something to consider. It’s especially important for those who have jobs that put them at risk of injury or a history of family medical conditions that have occurred in other family members while they were still at an age when they could work. But anyone can suffer an unexpected injury or illness that would make them unable to work.
There are two types of disability insurance: short-term disability insurance and long-term disability insurance. Short-term disability insurance generally covers periods of up to two years. Long-term disability insurance benefits vary from a few years to lifelong coverage.
Both short-term and long-term disability insurance usually has a waiting period. It can range from a day to two weeks for short-term, and up to several months for long term. There are some provisions and clauses that you should consider when shopping for disability insurance of either type, including:
A knowledgeable Texas insurance agency can provide all you need to know about disability insurance - something that any working adult should consider.