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Do You Need Disability Insurance?

Have you ever thought about how you would pay your living expenses if you were unable to work due to an illness or injury? Even with the basic disability insurance available through Social Security, at least 51 million working adults in the US don’t have adequate coverage.

What Is Disability Insurance?

Disability insurance covers a portion of your expenses should you become ill, pregnant or injured, and are unable to work for a specified period of time.

What Conditions Qualify As A Disability?

Each plan is different, so you will have to check your specific plan’s “definition of disability.” Most plans will cover you if you are physically or mentally unable to work because of an illness or injury.

What Are The Different Types Of Disability Insurance?

Policies are available for individuals, groups and businesses. Here is a quick overview of some of the most common types:

  • Short-Term Disability
    Sometimes offered as an employee benefit, short-term disability covers up to 80 percent of your income for a short period of time, depending on your policy. If you leave your employer, you lose the coverage.
  • Long-Term Disability
    This disability coverage pays up to 60 percent of your gross monthly income for the term of the policy.
  • Social Security Disability
    Offered by the federal government, social security disability coverage is only offered for people with severe disabilities.  You must qualify for it, and it can be difficult to obtain.
  • Mortgage Disability Insurance
    A long-term disability coverage, this covers your mortgage payment to the lender directly.
  • Supplemental Disability Insurance
    This pays the difference between what you are receiving from your employer’s short term or long-term disability policy and what your monthly expenses actually are.
  • Disability Insurance for Small Business
    This is a great way to protect your small business. If the owner of a small business becomes disabled, this policy will cover routine overhead expenses such as payroll taxes, salaries, rent and utilities. It also covers disability buyout, if one of the partners becomes disabled and needs to be bought out by the other owners.

Do I Need Disability Insurance?

If you are supporting yourself, your family or your small business, in most cases it’s wise to invest in disability insurance should the unthinkable happen. It’s unpleasant to think about, but it’s important to be prepared. That’s why we encourage our customers to consider the benefits of disability insurance and have a discussion with us about whether it’s right for you and your family.

SFM Insurance is an independent insurance carrier, committed to protecting both you and your business. We represent 16 well-known carriers to offer you the most comprehensive and affordable options, personalized for your specific needs and goals. To learn more about disability insurance and explore if it’s the right fit for you, please contact us today via our website, or by phone at 937-382-2546 for your no-cost consultation. For more tips and our latest updates, visit us on FacebookTwitter or LinkedIn!