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Why Should People Get Disability Insurance?

A lot of people have heard of individual disability insurance, but they may wonder why they should ever consider getting it. A succinct answer is that it can help with bills when someone becomes disabled. Not even this, though, really gets across how important having disability insurance is.

Let’s take a deeper look into this issue by considering five reasons why people should have individual disability coverage.

1. Your Employer’s Coverage May Only Go So Far

If you are fortunate to have disability coverage through your employer, chances are it doesn’t cover your full salary. The average plan may only cover around 60 percent of your salary with a $10,000 (or less) cap on benefits. When you have an individual disability insurance policy, it can supplement your employer’s coverage and bring you the financial relief and stability you need most right now.

2. Long-Term Disability Coverage Is a Must

Your employer’s disability coverage may not only be insufficient for your immediate needs, but it also may not cover long-term disability. Without an individual policy that takes long-term disability into account, your access to benefits can abruptly end much sooner than you can afford.

3. Disability Can Happen to Anyone

Anyone can become disabled. A bad car accident, a fall at home, the progression of a known illness, or suddenly falling ill with a debilitating disease – these are just a few very common ways that people become disabled. In fact, they are so common that they almost sound more mundane than they are shocking, but you wouldn’t think that if it were to happen to you.

4. You Control the Elimination Period

You may want to wait for a while between the onset of your disability and when you begin to receive payments. This span of time is known as the elimination period, and you probably won’t have control over it when you’re on your employer’s plan. With an individual plan, however, it’s possible for a policyholder to determine their own elimination period.

5. Lifetime Benefits & Retirement Protection

Again, your employer’s disability coverage may be very limited and lack a lot of the features that an individual plan can have. By purchasing your own disability insurance policy, you can take advantage of any options for lifetime benefits or supplement your retirement plan.

Need Help Finding Coverage? Call Insurance Specialists, Inc.

At Insurance Specialists, Inc., we can match our customers with a variety of insurance policies that take care of all sorts of needs and concerns they might have. We’ve been providing high-quality and cost-effective insurance products for more than 60 years, and we can help you find an individual disability insurance policy that meets your needs.

For more information about how we can help, please get in touch with us online or call (888) 451-0883.