Title: Do I Need Disability Insurance? | Family Finance | US News
Headings: Do I Need Disability Insurance?
Do I Need Disability Insurance?
Your employer may offer disability insurance, but investigate its coverage limits and tax implications.
Read:
What Is Disability Insurance?
Long-Term Disability vs. Short-Term Disability Insurance
Is My Employer-Offered Disability Insurance Enough?
What Is Social Security Disability Insurance?
How Much Disability Insurance Do I Need?
How Much Does Disability Insurance Cost?
Who Needs Disability Insurance?
9 Ways to Reduce Your Insurance Costs

Content: But purchasing disability insurance isn't always baked into our consumer habits, like buying auto insurance, life insurance or homeowners insurance, and some workers might assume that their workplace insurance or Social Security disability insurance will protect them if things get bad enough. Unfortunately, it's not that simple. Here's what to know about disability insurance. What Is Disability Insurance? In exchange for regular premium payments, disability insurance commits to paying out a portion of your salary in the event of a disabling condition. " If you're too sick or hurt to work, it replaces part of your income," says Jeremy Straub, the Fort Lauderdale, Florida-based CEO of financial services firm Coastal Wealth. Long-Term Disability vs. Short-Term Disability Insurance
Typically disability insurance is offered in two categories: short-term and long-term. Depending on the policy, short-term disability insurance replaces a predetermined percentage of your pay – typically in the 50% to 60% rage – for up to a few months if you're, say, laid up with a broken leg. Long-term disability insurance will partially replace lost income for longer durations in the event of an injury, illness or other malady that bars you from working.