Of all of the types of personal insurance out there, disability insurance is one that people commonly misunderstand. For many, it seems pointless to invest in disability insurance.
They think: “I’m not in a profession where I’m at high risk for injury, so I have no reason to have disability insurance… right?
While disability insurance is often used to financially cover work-related injury cases, it can also be used to cover lost income due to long-term illness, pregnancy, mental health illnesses, and other conditions that prevent you from working for extended periods of time.
If you’re still not sure if disability insurance is worth your while, consider some of these reasons for taking the time to include this type of insurance in your personal plan.
Reason #1: A month without your income would seriously impact your household.
Whether you’re single or in a partnership, if a single month without your income would cause financial strain on your household, disability insurance may be necessary for you. Many of the conditions covered by disability insurance can come on quickly and unexpectedly. With a policy in place, you can ensure that no unnecessary strain is put on your finances if you are unable to work.
Reason #2: Your employer’s short-term disability coverage doesn’t quite make the cut.
Many employers offer some form of disability coverage, but many of these policies only guarantee a portion of your normal income. For many workers, a fraction of their income is hardly enough to get by, much less cover the full costs of living while tending to their specific health concerns.
Reason #3: You’re self-employed.
Whether you run a business or do freelance work, if you are self-employed, disability insurance may be a crucial part of your insurance package. Many self-employed people are in especially difficult positions if they are unable to work. By investing in disability insurance, you can create a safety net for yourself to avoid the difficult situation of trying to work through a short or long-term illness or injury.
At the end of the day, the decision to invest in disability insurance is one that requires a bit of research and a conversation with your insurance agent!
Discussing your options with a professional you trust can ensure that you get the best value for your lifestyle. Our team at Rehm Insurance is always here to help you with all of your insurance needs – and disability insurance is one of our specialties.