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What You Need To Know About Disability Insurance

By Jason Markum

Insurance is a fact of life that not many of us are happy with. I don’t know about you but I can’t stand paying insurance premiums month after month after month, year after year, and hardly ever taking advantage of them by having a claim paid out except for the odd doctors visit now and then.

The problem is, we are inundated with insurance. We are an insurance nation; it’s part of the core of what makes us American. The reason why is tied up closely with our Constitution. You see, we’re a free country and in a free country you are free to make your own choices. The problem with that is that most of the time we make incredibly stupid choices!

Insurance helps cover the stupid choices we make yet at the same time allowing us the freedom to make those stupid choices which is what it means to be an American! But I’m getting off the point here…

It seems like there’s insurance for just about everything. There’s automobile insurance to cover us in case we have car accidents, there’s health insurance to cover us in case we get sick or need major surgery. There’s homeowners insurance in case our house is burned down or gets flooded (though check your policy carefully, it probably doesn’t contain flood damage insurance!). There’s even life insurance that will pay out large sums of money to your family in case you ever die so that their quality of life doesn’t diminish simply because your paycheck has disappeared with you.

But in all that confusion of insurance, there’s one kind of insurance that often gets ignored and it is just about the most important insurance you will ever need. I’m talking of course about disability insurance.

Sure if we wreck our car, our auto insurance will cover the damages. If we get sick or health insurance will cover the hospital bills. And if we die our life insurance will make sure that our family is provided for financially. What happens in each of those instances if we are disabled?

Sure, your car insurance will pay for your car but what about YOU if you can’t go to work after that accident? And sure your health insurance will pay the medical bills while you’re in the hospital when you’re sick, but what if your illness keep you from work for the next six months; who pays then? And sure if you die your life insurance will provide for your family… but what if you don’t die and are merely disabled but can’t work any longer? Who pays then…

The answer is disability insurance. Disability insurance covers all of those things in the case that you are no longer able to perform your work function. If your paycheck disappears because you can’t go to work, your disability insurance will kick in and save the day.

When choosing a disability insurance policy make sure that it accounts for inflation, maintains your family’s standard of living at your current income level, and is set up to grow your net worth over time (this goes back to the inflation thing).

You’ve made all the right choices so far with health, auto, homeowners, and life insurance. Don’t screw it up by forgetting the most important insurance of them all… get yourself a good solid disability insurance right away.

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