If you are employed, disability insurance is definitely something that you need to consider. This insurance is designed to replace income if you are unable to work due to an accident or illness. There are a few different types:
- Long Term Disability insurance would replace a percentage of your income if you are unable to work for a long period of time. Many employers offer Long Term Disability insurance, but if yours does not, you could run into serious problems if you don’t have any or enough Long Term Disability insurance and you become injured or sick.
- Short Term Disability insurance replaces a percentage of your income if you are unable to work for a short period of time. It is most desirable to have money saved to cover expenses if you are off work for a short period of time, but carrying a Short Term Disability policy is also a good idea. This policy is meant to be a safety net to assist a worker who is disabled for a temporary time period.
Disability insurance policies typically carry a waiting period, or amount of time before benefits will take effect. They also carry a term of how long the policy will pay. It’s important to discuss these things with your insurance agent so that he or she can help you decide what policy is best for you.
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