Do I Need Disability Insurance?

There are so many different types of insurance policies out there that it can be difficult to keep up with them all, even for those working in the space. One of the most often misunderstood policy types is disability. The truth is that many people who qualify for disability insurance don’t even know that they do. Let’s take a closer look at what disability insurance is, and when you should consider applying for a policy.

Disability insurance is a policy that is designed to provide coverage for unexpected events that cause a person to miss work for an extended period of time. Most people believe this type of insurance only provides coverage for on-the-job injuries, but that simply isn’t true.

Aside from musculoskeletal disorders like carpal tunnel and tendinitis, the most common reasons for a disability claim are things like cancer, pregnancy and mental-health related problems. Most of these issues can happen at anytime, without ample warning.

Disability insurance could be the right fit for you if any of the following four factors resonate with your personal experiences.

Primary Breadwinner
Are you the main money-maker in your family? If you have a family that relies on your income to pay the bills, you need to have a plan in place to make ends meet if you are unexpectedly forced out of the workplace for a while. Disability insurance is the perfect solution for that scenario.

Like all insurance policies, the monthly premium is primarily dependent on the amount of coverage you need. Take the time to do the math and figure out what amount of money your family needs to make ends meet, then look for a disability policy that offers coverage in that amount.

Employer Coverage
Most employers offer their employees short-term disability insurance policies, but not all do. Be sure to do your due diligence and figure out what your personal situation is. Don’t forget that even if you do have a short-term disability policy, it may not provide enough coverage for your needs. Add up your expenses and decide if you need to supplement your employer-provided coverage with a private policy.

It’s also worth pointing out that most policies provided by employers are contingent with you being employed by the company. If an injury leads to job loss, you could be left out to dry without a private policy.

Debt
The harsh reality is that most young people in the United States are facing a crippling amount of debt. If you find yourself saddled with massive amounts of debt that you are working to pay off, a disability insurance policy might be a good idea. If you have certain debt payments that you need to make every month, a sudden loss of income can be devastating. A proper disability insurance policy can be just the stopgap you need.

Self-Employed
Disability insurance is imperative for most people who are self employed. Self employment means that you won’t have any employer-provided policies, unless you provide them yourself. Knowing that your income is entirely dependent on you, it’s important to have a plan for temporary income if you find yourself unable to work for a while.

Disability insurance gets a bad reputation because of its name. The truth is, most American’s could benefit from a proper disability insurance policy. However, as with any insurance policy, everyone should take the time to do their research before signing anything.

To learn more about your current insurance policy, or to inquire about an entirely new one, we encourage you to reach out to the staff at TGS Insurance by going to www.tgsinsurance.com.

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