While you may be inclined to view disability insurance as a commodity intended only for the elderly, disability insurance benefits anyone who is constrained by finances. No matter how young and strong you may be, you are not invulnerable from injury and illness. Disability insurance allows individuals to receive financial stability if they become injured or ill to the point where they are unable to work.
This form of income protection will benefit you under any circumstances in which you are unable to work. There are multiple types of disability insurance policies, including group disability insurance and private disability insurance. Group disability insurance is typically provided by your employer, whereas private disability insurance is similar to any other insurance product in which you purchase yourself. You will typically receive more coverage through a private disability insurance policy, approximately 70% of your income. Group disability insurance policies typically yield a 60% income reimbursement.
Unfortunately, the majority of adults remain without disability insurance, claiming that it is either too expensive or that their job does not involve risks. However, the value you receive from obtaining disability insurance balances the costs if you are seriously injured. If you are unable to work for two months as a server of a restaurant due to a knee injury, you lose two months income. With a disability insurance policy, you are able to remain your current standard of living while you recover.
Although you may be inclined to pass on disability insurance, it is important that you think about how easily you could be injured, and how helpful that disability insurance policy would be if you did.
Contact The Schwab Agency for all of your Colleyville, Texas disability insurance needs. If you have been offered disability insurance through your employer, we can help you decide whether the group or private disability insurance route would be best for you.
