You likely have insurance coverage for your house, your automobile and your personal belongings. However, have you ever thought about insuring yourself? We’re not talking about life insurance. We’re talking about disability insurance, which would provide assistance if you were to lose your ability to work and bring in a paycheck.
Did you know that 25% of 20-year-old individuals today will become disabled in one way or another before they are 67 years of age? Further, the average disability payment for Americans as of March 2014 was just over $1,130 a month. That’s hardly enough to pay the bills. More often than not, just missing a day of work can put a family in a real bind financially, so what would happen if you couldn’t work for several months? This is why it might make sense to consider disability insurance.
Disability insurance comes in many shapes and forms, as explained below.
Group Disability Plans
You can purchase a group disability plan, which would be through your employer. This is probably the most common and affordable type of disability coverage, but it may not be enough or there may be fine print that would keep you from receiving all benefits for a certain period of time. So, be careful.
Individual Disability Plans
This type of coverage will be quoted based on your individual situation. Therefore, the price may be higher but you will likely have access to more benefits and options that will be worth it.
Supplemental Disability Plans
This is just a supplemental coverage that will be in addition to your employer policy or your government assistance. If you don’t need much more than what you can expect to get from Social Security benefits, then this may be a feasible choice.
When you think about an illness or injury rendering you unable to earn a living and the amount of money you could expect to receive from the government, you can begin to see the importance of disability insurance.
To learn more about what disability insurance options are available to you and your unique situation, contact us at Bernardini & Donovan Insurance in Redlands, CA.
