There is a lot to know about disability insurance. Basically, disability insurance is an insurance plan that is used to partially pay your salary if you are ill or injured and unable to work. You can get this type of insurance through an employer sponsored plan or privately. There are a lot of terms that are defined in a plan that will determine the cost, just like most insurance policies. For example, is it short term or long term insurance? Are you covered for own-occupation or any-occupation? What is the plan’s definition of disabled, totally disabled or partially disabled. All of these terms are very important to know prior to investigation in this type of insurance. Based on this information, who do you think needs disability insurance the most?
If your family is dependent on one person earning the main source of income then disability insurance may be a good idea for you. If you only have one person working or paying your bills, then it would be a hard situation for you and your family if you were to lose that income. An illness or injury may not be expected but it is responsible and smart to think about the possibility in this situation to avoid any sort of mishap for your family. Why make them struggle when you could be looking out for their best interest?
Physically Demanding Careers
There are certain careers that require more physically. When a job is more physically demanding than that also means that injuries could occur. If you are a construction worker who deals with machinery and heavy materials all day then you have a higher probability of getting hurt than someone sitting at a desk all day. Being injured leads to days off of work which means lost pay. Regardless if it is own-occupation or all occupation, disability insurance would help you with that.
Even if you are someone who sits at a desk all day, you still may have a recurring injury that could potentially pop up. If you are someone who has a bum knee that needs surgery every once in a while then it may be a good idea to think ahead. If you are someone who struggles with substance abuse or mental health issues that could require you to miss work for long periods, then again you may want to think about disability insurance.
Look at your situation as well as your family as a whole to see if these sorts of issues could arise and potentially cause a problem.If you can potentially see these situations as a risk then it may be a good idea to start doing your research to buy a plan.