Disability insurance provides you coverage in the amount of a portion of your income if you are to experience a short term or chronic disability. You can purchase additional coverage on top of any insurance you already receive through your employer. Disability insurance is a form of protection against the unknown and the possibility of a lifelong hindrance to your earning potential. For the relatively small amount you pay in premiums, you defend your livelihood and grant yourself protection in case you experience a disabling condition during your working years.
There are two forms of disability insurance: short term and long term. The coverage you elect to purchase will depend on your concerns and financial stability. Every worker is a good candidate for long term disability if they are currently healthy and want to protect themselves and their income. Short term disability is a great addition if you plan to become pregnant or work in a hazardous occupation.
Short Term Disability Insurance
Short term disability insurance covers you if you experience a disability that lasts for a set (as in pregnancy) or relatively short period of time. Maternity, musculoskeletal (non-back), injury (non-back), digestive disorders, back (non-injury), circulatory, mental health, and cancer are common short term disability categories. You may be able to receive this coverage through your job.
Long Term Disability Insurance
Long term disability insurance provides coverage for people who are unable to work or unable to work in their chosen occupation due to a disability they develop after purchasing the policy. Cancer, circulatory, musculoskeletal (non-back), back, injury (non-back), and mental health are common long term disability categories. Long term disability goes into effect when your short term disability insurance runs out.
Why Get Individual Disability Insurance?
Individual disability insurance provides protection for you and your family. The breadwinner should have disability insurance, no ifs ands or buts. This will allow you to maintain your quality of life and pay the bills if you are unable to work for a short period of time or unable to work at all due to a disability. You can receive coverage up until the age of 65, which is when you should be retired and are more likely to experience health conditions that would prevent you from working.
How Much Disability Insurance Should I Get?
Your income should be a good baseline to use to determine how much coverage you need to purchase for your disability insurance. Your disability insurance should cover 40 to 60 percent of your income, which helps you to pay bills and cover your essential needs.
Finding Individual Disability Insurance
Individual disability insurance policies are a good form of protection for working age people. Contact Proinsurance Hawaii for the answers to all of your individual disability insurance questions. Our team can assist you with finding a plan and assessing your needs to make sure that you secure the coverage that will protect you and your family from financial hardship if you are to encounter a medical disability that prevents you from working.