When you are disabled, you cannot work and you need medical care on a regular basis. The disability can be permanent or temporary, but it is essential that you have disability insurance to help make up for the income that you are losing. The person who is disabled may be the primary wage earner and with disability insurance, it can help to cushion some of the blow from losing your income. This type of insurance is normally offered as part of the workplace benefits.
Employers are the most common way that you can get disability insurance. If you rely on your income (and who doesn’t?), then you need to consider disability insurance, as it can take some of the financial stress out of not being able to work. Your policy will be based upon your yearly income, as well as other factors.
A partial or total disability can put quite a crimp in your finances, but if you have purchased disability insurance, it can get you through long enough to recover or to file for your social security benefits. It only pays a portion of your income, but some is better than none, which is the case if you do not purchase this kind of insurance.
If you are offered disability insurance, it is essential that you carefully evaluate it and determine if it can fit into your budget. Most everyone uses some sort of disability insurance at some time or another, and being prepared can make all the difference in the long run. Whether you go with short or long term disability, or choose both, you will find that this can be a decision that you will be proud of if you happen to need it in the future.