Accidents on the job are unpredictable. A work injury could be debilitating and leaving you unable to work and worrying about how you’ll cover expenses without any means of income. Disability insurance can give you and your family a peace of mind by providing financial security in the event of an accident. Whether it’s injury or illness that puts you out of work, disability insurance coverage can help. 
What Is Disability Insurance?
If you were to incur an injury or illness that made you unable to work, disability insurance covers a portion of your income. There are two types of coverage:
• Short-term— This disability coverage covers a portion of your salary for a short period of time. The time frame depends on the individual policy, but it’s typically around three to six months.
• Long- term—This coverage covers a portion of your salary for an extended period of time. This typically is when an employee is disabled and unable to return to work for at least six months to several years.
There are also the additional policy features to consider as well:
• Definition of disability—Some policies pay benefits if you are unable to perform the duties of your regular occupation, while others pay only if you can engage in no gainful employment at all. Understanding how a disability is defined will help you to select a policy that best suits your needs.
• Percentage of income—This amount varies by policy, but typically pays 50 to 70 percent of your monthly salary.
• Length of benefit period—You can choose to receive benefits that are payable from one year, two years, five years, ten years or to retirement age. Opting for coverage that lasts through age 67 affords the best protection against an injury or illness that permanently removes you from the workforce.
• Residual benefits—Selecting this feature will give you partial payment in the event that your income is reduced because you are unable to fulfill some, but not all, of your job responsibilities.
• Cost of living adjustment (COLA)—Adding optional COLA to your disability policy means that the coverage you purchase today will keep up with the pace of inflation during the lifetime of the policy.
Contact Us Today!
At Brokerage Solutions, Inc. we want you to be covered in the event of an unforeseen accident or illness that leaves you unable to work. Disability insurance is an insurance that is often overlooked by many, but is crucial to protect you and your loved ones from the unexpected. Contact Brokerage Solutions, Inc. today to learn more about disability insurance.