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Disability Insurance

Disability Insurance is the second most important insurance coverage in an individual’s personal financial plan, behind health insurance. . The purpose of disability income insurance is to partially (and sometimes totally) replace the income of employees who are unable to work because of a sickness or accident. While you may miss a few days of work from time to time, there is often a tendency to underestimate both the frequency and severity of disabilities that last for longer periods. At all working ages the probability of being disabled for at least 90 consecutive days is much higher than the chance of dying. One out of every three employees will have a disability that lasts at least 90 days during his or her working years, and one out of every ten employees will suffer a permanently disability prior to age 65.

In terms of its financial impact on the family, a long-term disability is more severe than death. In both cases income ceases. In the case of long-term disability, however, family expenses typically increase due to the cost of providing care for the disabled person.

Disability Income Insurance can be broken into two categories; short-term and long-term. Short-term disability income plans provide benefits for a limited period of time, usually 6 months or less. In some plans, the short-term disability coverage could have a benefit period as long as 1 year. Long-term disability income insurance provides extended benefits after an employee has been disabled for a period of time beyond 6 months typically. When building a financially sound income continuation plan, you will want to make sure that your short-term and long-term disability insurance are coordinated with one another. If your short-term disability has a benefit period of 6 months, then you should make sure that you long-term disability insurance begins after 6 months. Many financial planners agree that someone’s “ability to earn an income” is the most important asset in an individual or family’s financial plan. Please evaluate these coverages and give each of them the time that they deserve to secure you and your family’s financial future.

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