Disability Insurance: Common Misconceptions and Benefits
According to the CDC, there are 61 million American adults living with some type of disability. Disability insurance can be a crucial asset for many individuals, providing financial support when illness or injury prevents them from working.
Types of Disability Insurance
There are two main types of disability insurance: long-term and short-term. Long-term disability insurance typically pays a portion of lost income for an extended period, while short-term disability insurance replaces income for a shorter duration.
Misconceptions about Disability Insurance
1. Employment Status and Eligibility
Some believe that full-time employment is necessary to qualify for disability insurance. However, eligibility is based on meeting specific requirements and demonstrating lost wages due to a disability.
2. Health Status and Coverage
Even if you are currently healthy, disability insurance is important as anyone can face illness or injury. It provides support if you are unable to work, ensuring financial stability.
3. Cost of Disability Insurance
The cost of disability insurance varies based on factors like age, gender, health, and occupation. While some may consider it expensive, exploring different premium options can help find affordable coverage tailored to individual needs.
To learn more about disability insurance and find a qualified insurance professional, visit Life Happens for valuable resources and tools.
