Most of us don’t think much about sustaining an injury that leads to a long-term or permanent disability. We also generally don’t think about what we would do if we were to be diagnosed with a chronic illness. However, none of us really know what the future will bring, and although we might hope that we won’t experience a disabling event in life, we can’t guarantee it.
One of the biggest problems that a disabled person might face is income insecurity. A loss of personal solvency might only compound that person’s ability to manage their own recovery or lifestyle. That’s why disability insurance benefits provide income protection that is often desperately needed. Here’s how it works.
What is Disability Insurance?
A disability doesn’t mean you are permanently unable to support yourself. However, it does mean that you will face certain challenges that others won’t, and these challenges come with cost burdens.
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Not be able to work, meaning you cannot earn a paycheck.
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Only be able to work in a reduced capacity, causing your income to drop.
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Face considerable medical bills and other health maintenance costs.
Face considerable medical bills and other health maintenance costs.
In all these cases, you could face financial insecurity. Not only might you face a drop in income, but you might also face more personal costs than you did before you experienced this health challenge. However, if you have disability insurance, the benefit will be there to assist you with the financial support to guide you through the process of recovery and lifestyle management.
Why You Need It Even if You Have Health Insurance
Some people think they don’t need disability insurance if they already have health insurance. After all, when you must seek medical care related to your disability, your health insurance will provide the cost assistance necessary to help you pay for these costs.
However, while health insurance will cover many of your medical expenses, it by no means will replace your income lost as a result of the disability. Only disability insurance can provide the financial support that you need to not only pay for medical costs, but also to support yourself in general. Therefore, it offers you a much more expansive benefits that you won’t be able to obtain from any other source.
Plus, if you enroll in a personal disability insurance plan, you won’t have to worry about losing employer-sponsored coverage when you change jobs. Therefore, you’ll always have a guarantee of disability protection even if you are not working for the same company year after year.
Speak to one of our agents to learn more about disability insurance and income protection today. We offer competitively priced and expansive plan options that will always provide the security you deserve.