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Do I Need Disability Insurance?

Being Prepared if You Ever are in Need of Disability Insurance

When something unexpected occurs, it is good to have things in place to protect you and give you peace of mind. Especially when you are young and healthy, it’s hard to imagine a scenario that would prevent you from earning your livelihood that seems within the realm of possibility. Unfortunately, we never know what curveballs life is going to throw at us, so being prepared for the worst-case scenario isn’t just smart, it’s the responsible thing to do. If disability insurance isn’t something on your radar yet, now is the time to look into the options available to you. 

Reasons You Need Disability Insurance

Disability can lead to financial disaster. If you become disabled and lose your ability to earn a living, it becomes very hard to pay for normal living expenses. Disability insurance helps you compensate for lost wages. With disability insurance, you are able to pay for your medical care without having to tap into your life savings.

Let’s say you endure an injury that prevents you from physically performing your work, or you acquire an illness that requires you to take significant time off of work, disability insurance is a good thing to have in your back pocket. While some people think that the nature of your job dictates the likelihood of your potential need for disability coverage, everyone is at risk of needing this sort of protection. Illness is just as likely to prevent you from being able to perform your work duties as is a physical disability. 


While some employers offer disability insurance through their benefits packages, many do not. If your employer does not provide any coverage for you, it is critical for you to get coverage for yourself now. Waiting until an incident happens will be too late and you will not be able to obtain coverage with a pre-existing condition already in existence. 

Considerations When Choosing a Disability Insurance Policy

Having a strong understanding of what your monthly living expenses are is a good first step to take when choosing a policy that works for you. You will want whatever coverage you obtain to be enough to cover your usual expenses such as rent, mortgage, car payments, loan payments, child care, and other essential living expenses that you incur month to month. 


While finalizing your policy coverage you will be asked for information about your current health condition so be prepared to share information about things such as your age, whether or not you’re a smoker, and any other pre-existing conditions that may affect your ability to perform your work in the future. 


Consider what length of coverage you would prefer. The longer the policy covers you in the event that you would need to collect, the more expensive your premium will be. Also, think about how quickly you would want your policy to begin paying out. Could you float your expenses for a few months with savings, or would you need immediate assistance? These types of details will affect your premium as well. 

Nickerson Insurance is Here to Walk You Through The Process of Obtaining Disability Insurance

If you are unable to perform the duties of your job, consider disability insurance. Depending on your condition, you could be compensated for lost income. Reach out to our insurance agents for more information about the benefits of disability insurance and request a quote today!

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