Sure, occasionally, you get sidelined by a bad case of the flu, but — aside from the occasional sick day — you’re always in the office. So, you would never miss work for an extended period, right?
Unfortunately, a lot of workers — particularly young and healthy ones — don’t consider that a serious illness or injury could prevent them from working. Truth is, your ability to earn an income is one of your biggest assets, so why not protect it the same way you’d protect your car or your home?
That’s where disability insurance comes in. What is disability insurance? It helps replace a portion of your income in the event you get sick for an extended period, or if you’re hurt and can’t work.
And if you think that can’t happen to you, consider that a 20-year-old entering the workforce has a one-in-four chance of becoming disabled before reaching retirement age, according to the Social Security Administration.
We’ve answered some commonly asked questions about disability insurance below. But everyone’s situation is different, so talk with a insurance broker or financial advisor about your options.
Generally, you can use it to help replace a portion of your income whenever a medical issue prevents you from being able to work for a period of time. That can include anything from missing work for two weeks to recover from a surgery, or missing work for several years because of cancer. Depending on the type of policy you get, you may even be able to cover some of your income until retirement age if, for instance, an accident leaves you physically unable to earn a paycheck for the remainder of your career.
Types of disability insurance
There are two main types of disability insurance — short-term and long-term coverage. Both replace a portion of your monthly base salary up to a cap, such as $10,000, during disability. Some long-term policies pay for additional services, such as training to return to the workforce.
Don't just take our word for it, hear what some of our clients have had to say.
Our firm has been working with Ed Shayne for over 20 years. Throughout that time, Ed has provided excellent service coupled with expert advice. He has guided our firm through the selection of various insurance products, both for me personally and for coverage for our employees.
I have been working with Mr. Edward Shayne for the past 15 years as one of my insurance brokers. He is very knowledgeable about insurance products, and he is always available to answer any questions I. Mr. Shayne offers excellent policies, and I like that he offers product options-I can choose to take them or not, but at least I am aware that they are available.
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