Disability Insurance

When most people hear about disability insurance, they completely ignore the debate. After all, they don’t work in dangerous working environments. After all, what can go wrong in the office where most hours are spent in front of a harmless computer?

It seems like logical thinking until you consider a 2013 Council for Disability Awareness (CDA) report showing over 60% increase in disabilities. The importance of disability insurance in the background of such statistics cannot be overstated.

Here are some questions and answers to help clarify this type of coverage:

  1. What is disability coverage? This private insurance coverage protects you in case of debilitating injury by providing monthly cash payments as you are no longer able to work.

  2. Why buy disability coverage yet there is workers compensation to rely on? An injury causing disability in this policy does not have to be work-related and this is a major advantage.

  3. Is disability insurance so important? Once you are disabled, you are no longer able to work and this coverage replaces lost income thus keeping your family stable as you go through convalescence. You also have peace of mind every working day knowing that whatever happens you have a backup plan.

  4. What types of disability policies are available? You can opt for short-term disability (STD), which pays a part of your monthly income after you run out of sick leave for about 1 year, or the long-term disability (LTD), which pays a portion of your income monthly after you run out of sick leave and STD for several years.

  5. What are the main types of disabilities covered? These range from musculoskeletal disorders, pregnancy and child birth complications and cardiovascular/circulatory conditions, among others.

    Modern society is highly perilous and disability insurance offers a chance to protect yourself and your family in case anything happens to you.