When you are young and healthy, experiencing a disability that may keep you out of work seems like a remote possibility, and not something you need to worry about. You may be tempted to pocket the small amount of money it costs you to add disability insurance but this is a huge mistake for those in the workforce. Disability insurance is a wise decision if you make any significant amount of money, as you never know when illness or injury may occur. Let’s look at some information about disability insurance, and why it is a wise idea for working adults.
Who Needs Disability Insurance?
Many people think they don’t need disability insurance because they are young and healthy, but this is a huge mistake. Any working adult who has financial responsibilities would be wise to invest in disability insurance. Statistically, about three out of ten working adults experience a disability that keeps them out of work for a significant amount of time. You never know when an accident or illness will put you out of commission and without disability insurance you could be out of work.
What Does this Insurance Cover?
Disability insurance is distinctly different from health insurance, though some people do get them confused. Health insurance covers your medical expenses following an illness or injury, while disability insurance is designed to help cover the loss of income should you not be able to work. Disability insurance can cover some or all of your salary in the event you need to use it, depending on the policy you have. Disability insurance does not cover your medical expenses, so having both types of insurance is very important.
How Can you Obtain It?
There are several ways to obtain disability insurance. Your employer might offer it as an add onto your benefits package, if your health benefits and life insurance policy are through your employer this may be the easiest option for you. If getting disability insurance through your work isn’t a valid option, you can get disability insurance through an insurance agency. Working with an agency is a great option because smaller agencies are able to work one on one with you to determine what policy is best for your situation.
If you don’t have disability insurance but you are a contributing to the income of your household, it’s time to speak with an insurance agent today. Life throws curveballs sometimes and it is important to be prepared in the event that things don’t go as you’ve planned. Call us at Freedom Insurance Agency today to talk about how we can serve you and put your mind at ease! We’d love to help you with your Eldersburg, MD disability insurance policy!