Title: Taking a Close Look at Disability Insurance - dummies
Headings: Taking a Close Look at Disability Insurance
Taking a Close Look at Disability Insurance
Content: Taking a Close Look at Disability Insurance - dummies
In this article
Introduction
Personal Finance
Insurance
Life Insurance
Taking a Close Look at Disability Insurance
Taking a Close Look at Disability Insurance
In this article
Your ability to earn money is one of the most significant assets that you have. Expenses often increase due to disability, while income is drastically reduced. In the event that you’re unable to continue to earn your income because of illness or injury for any period of time, your family’s financial plans could be ruined. Social Security includes a disability feature, but you’re considered disabled only if you can’t perform any work; you have to wait for at least five months to initiate benefits; and the amount you will receive will likely be less than half your income. The only way to protect yourself and your family from financial disaster is to maintain adequate disability insurance. Disability insurance replaces a portion of your income if you become ill or injured. It’s very expensive because the likelihood that you may need this benefit is relatively high. The risk isn’t something that you likely can bear yourself, so you must transfer the risk to an insurance company.