Why should you purchase disability insurance?

May 19, 2016 | News

Why should you purchase disability insurance?

If something happened to you where you were unable to work, how long would it take before you were faced with financial strain? Most of us would feel financial hardship within a short time; even going a week without pay is difficult for many people. If losing a week of work and pay causes financial hardship, what about a month or several months?  How would you make ends meet?  This is why disability insurance is so important.  You work hard to build a life for yourself and your family and disability insurance can help to protect you and your family if you become disabled and are unable to work.

What is disability insurance?

If you are injured or fall ill and are unable to work, disability insurance would be able to provide a portion of your salary until you are able to return to work, which would lessen the burden of being off of work and lacking a paycheck.

There are two types of disability insurance: short-term and long-term. Typically short-term disability is going to cover you for a couple of weeks up to 3 months. In the instance where you become disabled for an extended period of time (1 year, 5 years or 10 years) long-term disability would be where you would find coverage.

Short-term and long-term disability insurance policies would provide some relief to financial hardship and usually replace a percentage of your income.

Do I need disability insurance?

You may be wondering now, “Do I need disability insurance?” Let’s talk about that!  Do you have a job?  If the answer is yes, then you should probably have disability insurance.  Having a job provides an income that you and your family depend on, so if you have a job and become disabled, then you will want to have disability insurance in order to replace a portion of your income to ease the financial burden put on you and your family.  So, anyone who has a job and depends on the income from his or her job is an ideal candidate for disability insurance!

What if I have disability insurance through my employer?

If I have disability insurance through my job, do I need my own individual disability insurance policy? That is an excellent question!  You should speak with an insurance agent who can assist with that question and discuss your specific situation. But, most of the time, while having disability insurance through your employer is extremely helpful; you need to remember that it is only going to replace a percentage of your income, not all of it.  If you are like most people, then living on half of your paycheck would be better than no paycheck at all, but may still not be enough to cover your bills. That is why having an individual disability insurance policy is crucial.

Now what?!?

Now that you know why disability insurance is essential, what are your next steps? To obtain a quote, please contact Olivier-VanDyk Insurance at 616-454-0800 or by email at bethb@ovdinsurance.com or visit our website http://ovdinsurance.com/.