Disability insurance can help replace your income if you’re ever unable to work due to illness or injury.
Most people don’t think they’ll ever get hurt at work, but the most common claims for disability insurance aren’t on-the-job injuries. They’re for musculoskeletal disorders, cancer, pregnancy, and anxiety and depression.
You should look into buying a disability insurance policy if you’re the breadwinner of your family, you’re paying off debt, you don’t have coverage through work, or you’re self-employed.
Policygenius can help compare disability insurance policies to find the right coverage for you, at the right price »
Despite popular belief, disability insurance is not just for on-the-job injuries.
The most common disability insurance claims after work-induced musculoskeletal disorders (think: carpal tunnel, tendinitis, and back pain) are for cancer, pregnancy, and mental-health issues like depression and anxiety.
Many of these things can happen at any time without warning and hinder you from performing your regular duties at work or showing up at all. And more often than not, Social Security disability won’t cover your loss of income to the fullest.
Not everyone needs private disability insurance, but if you rely on a steady paycheck to pay your bills, stay out of debt, and save up for the future, you probably do, regardless of the industry or environment where you work.
Here’s why you should consider buying disability insurance:
1. You’re the breadwinner
If your career is your largest financial asset, you need disability insurance not only to protect against income loss for yourself, but for others who rely on you.
If you financially support a partner, kids, aging parents, or anyone else, disability insurance can help make sure they’re taken care of if you’re ever unable to work because of an injury or illness. When you apply for a policy, you choose exactly …read more
Source:: Business Insider