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If you’re like most people, you depend upon your ability to work and earn an income to make a living. Not only are you supporting yourself, but maybe you’re also supporting a spouse, children, or other dependents, too.

Disability insurance can help you protect your livelihood when you become so severely ill or injured that you are not able to work and earn an income. Under these circumstances, the insurance will cover a portion of your monthly income to provide you and your family with the financial security you need to make ends meet.

How Does Disability Insurance Work?

When you have a disability insurance policy, you are entered into an agreement where you pay a monthly premium to an insurance company. When you experience a qualifying disability that adversely impacts your ability to work, the insurance company will provide a monthly benefit.

Monthly benefits are paid with no strings attached. You can use this money however you wish – whether it’s to pay for your medical bills, rent, mortgage, household expenses, or any other financial obligations you may have. Keep in mind, however, that benefits will be paid out to replace only some of your income.

Make sure to review all of the following aspects of a disability insurance policy before you sign up for one:

  • Monthly Premium – This is how much you pay for disability insurance coverage on a monthly basis, just as you would pay any toward other insurance policy. Understand what this monthly premium will be as well as any factors that could raise or lower it.
  • Monthly Benefits – This is how much your insurance policy will pay out when you file a claim. You’ll probably receive a percentage of your income, which ranges between 60-80% for more policies. If you’re looking at a policy that won’t provide enough in benefits, it’s best to consider other options, although some benefits are always better than none.
  • What Is Considered a Disability? – One disability insurance policy’s definition of a qualifying disability may be different from another policy’s. What any insurance company would consider a qualifying disability may also be different from what you would consider to be one. Make sure you fully understand how an insurance policy defines a qualifying disability to ensure you are as protected as you need to be.
  • How Long Benefits Will Last – The period for which you can receive benefits may last months or years, or even up to a certain age. Make sure you have a good understanding of when your benefits period would expire when you file a claim.

Ready to Explore Your Options?

Insurance Specialists, Inc. offers customers individual and group disability insurance policies. If you are an individual, the right plan may be just what you need to feel secure about your family’s financial affairs if you become too sick or injured to work. Learn more about how we can help you find the right policy for you by getting in touch with us today.

Contact Insurance Specialists, Inc. online or by calling (888) 451-0883 to speak with an insurance specialist today.