According to statistics, one in four employees becomes disabled while working. One in eight working professionals will become disabled for more than five years. An accident or a significant illness comes without knocking. The risk of disability is a fact that ought to be taken seriously. Mishappening does not have preferences. No one can say that nothing can harm them. And the major threat that disability has to offer is the loss of income. As the saying goes, precautions are better than cure, and it is highly suggested that during the first few years of your work, you must get a disability insurance policy. There are a plethora of disability insurance companies; choose anyone you please.
The importance of disability insurance
The majority of people think that disability is a reason for accidents. But not only are accidents the reason behind disability, long-term illnesses such as diabetes, lung disease, cancer, lupus, arthritis, etc., might be the reason for disability. No matter how fit you are, the chances of disability are still there. But do not worry; you can still protect yourself and your family and continue your way of life by getting yourself disability insurance. Disability insurance will replace your income in case you meet a mishap. The benefits of the disability insurance help you to get anything you want, such as utilities, auto loans, mortgage, personal loans, student loans, college or childcare, retirement contributions, etc.
Types of disability insurance
There are two types of disability insurance, a long-term and a short-term disability policy.
Short-term disability insurance-
AN STD will replace your income by 50%-60% within a short period. It will be provided to you by your employer; it could be mandatory or optional. The period that the STD will take care of you is three to six months until you get back to work.
Long-term disability insurance-
This plan will serve you for a more extended period and even permanently. Some employers offer LTD, but the best disability insurance policies are those you buy individually. They are designed to provide for you even after retirement if you need them. They aim to cover 60%-80% of your income if something leads you to a situation where you can no longer work because of your disability.
It is suggested to get an individual disability policy and not the one the employers offer, as the one offered by the employers looks to benefit the insurers and not you.