Is Disability Insurance Worth It?

An African American women siting on a wheelchair

Here’s a look at disability insurance and why it’s important, as well as how it can help you have a financial safety net and how to get it.

Disability insurance may seem like an unnecessary expense, but that couldn’t be further from the truth. No matter what job you have, it makes sense to get the insurance that will protect your income should something happen to you. 

Have you ever wondered how you would support yourself and your family if you got hit with health issues that left you unable to work? That situation might sound scary, but it’s something to consider.

Let’s look at this coverage and why it’s essential, as well as how it can help you have a financial safety net for you and your family.

Work Accidents Statistics

Did you know that:

  • About 2.5 million workers sustained work-related injuries and were treated in emergency departments during 2018.
  • 27% of the more than 900,000 nonfatal work injuries that resulted in missed work were related to slips, trips, and falls.
  • 1 in 4 workers will become disabled before they hit retirement age.
Hispanic man working on in the shop

Who Needs Work Disability Insurance?

Everyone should have it, no matter what kind of job they have. Some jobs involve a higher risk; for example, a construction worker or a firefighter is more likely to become disabled at work than a telemarketer or receptionist. That being said, anything can happen, so it’s best to protect your income.

What Qualifies As A Disability?

In a nutshell, you are labeled as disabled if your condition is bad enough to prevent you from doing your job. However, it’s not that cut and dry. According to the Social Security Administration, your condition must be severe enough to interfere with basic work-related activities. It depends on your particular situation.

Types Of Disability Insurance

Generally, there are two types of coverage: short-term and long-term policies:

Long-term disability insurance – This type of medical policy replaces income for a more extended period of time if you get injured or sick and can’t work. Be aware that long-term coverage has a longer waiting period to receive benefits. 

Short-term disability insurance – This covers a certain percentage of your pay for up to a few months. Short-term is ideal if you’re having an operation, break your leg, etc.

Many people ask if this policy is tax-deductible. Generally, it is not tax-deductible. However, you should ask your tax professional to be sure.

The cost of your policy depends on many factors:

  • Your occupation
  • How old you are
  • The waiting period
  • How much you’ll collect each month
  • The duration of your coverage

Get Disability Insurance Provider Quotes

You no longer have to call multiple insurance companies to find out about disability insurance costs and companies. InsureOne does that work for you! We work with the top insurance carriers in the country, and we can provide a quote from multiple carriers in just a few minutes. 

InsureOne understands that the best disability insurance provides peace of mind, so we give you free disability insurance quotes that satisfies your needs and budget. Call (800) 836-2240 to speak with an experienced representative who will provide you with a free disability insurance quote.