Title: Disability Insurance: Why You Need It - NerdWallet
Headings: Disability Insurance: Why You Need It and How to Get It
Disability Insurance: Why You Need It and How to Get It
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4 questions to ask yourself
1. How much of your income would you need to replace to maintain your lifestyle if you became disabled and couldn't work?
2. How long could you wait before the disability benefits kicked in?
3. How long would you want the benefits to last?
4. How broadly would you define "disability"?
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“Everybody who relies on a paycheck should have this coverage,” says Keith Hoffman, the vice president of disability insurance at NFP Corp., an insurance brokerage and consultancy headquartered in New York. Here’s what you need to know. Why you need disability insurance
The chance of missing months or years of work because of an injury or illness may seem remote, especially if you’re young and healthy and you work at a desk. But more than one in four 20-year-olds will experience a disability for 90 days or more before they reach 67, according to the Social Security Administration. “You never think it’s going to be you,” says Carol Harnett, president of the Council for Disability Awareness, an insurance industry group. One reason people shrug off the risk is they think about worst-case scenarios, such as spinal cord injuries leading to quadriplegia or horrific accidents that result in amputation, Harnett says. But back injuries, cancer, heart attacks, diabetes and other illnesses lead to most disability claims. “The questions people have to ask are, ‘What would you do if you couldn’t work? How far could you go without a paycheck?' ” Harnett says.