Title: Why Disability Insurance Is The Most Important Financial Product You Didn't Realize You Needed
Headings: Why Disability Insurance Is The Most Important Financial Product You Didn't Realize You Needed
Why Disability Insurance Is The Most Important Financial Product You Didn't Realize You Needed
When you think about the insurance that you need, disability insurance might not be at the top of your list. Here is why you should move it to the top.
What’s Ahead:
What is disability insurance?
Is it worth it?
Why is disability insurance so important?
Disability insurance replaces your income if you get seriously ill
Disability insurance replaces income if you are severely injured
Disability insurance could provide enough income to cover bills while recovering
Disability insurance may kick in if you can still work but not in the same capacity
Disability insurance complements Social Security Disability Insurance
Disability insurance covers short-term and long-term needs
Disability insurance protects your household from a complete loss of income
Where to get disability insurance
Policygenius
Breeze
Summary
Read more:
About the author
Eric Rosenberg

Content: You don’t get hurt on purpose. That’s why it’s called an accident. Disability insurance could provide enough income to cover bills while recovering
Hopefully, if you do need disability insurance, it isn’t a permanent disability. Most disability insurance pays around 60% of your income. So if you normally make $4,000 per month, your disability insurance would pay $2,400 per month. That is a long-shot from what you made before but hopefully is enough to get by when factoring in emergency savings. The Social Security Administration says that about 25% of people who are 20 years old today will be disabled at some point before reaching age 67. That’s too high of a chance to ignore. Disability insurance may kick in if you can still work but not in the same capacity
Disability insurance generally comes with “any occupation” or “own occupation” rules. This determines what level of disability could qualify you for benefits.