Disability insurance can provide income for individuals when they are unable to work. This is particularly important when providing for dependents during a time of disability, as well as maintaining their standard of living and covering additional medical expenses. The right amount of disability insurance coverage can allow individuals to continue seeking long-term financial goals and gives them the peace of mind that their family is financially protected.
The likelihood of a catastrophic accident may be low, but many do not consider the cost of a debilitating illness or injury. When an individual learns that there might be an issue with their health, they often look to acquire disability insurance. In many cases, this is too late.
If a person is disabled to the point that he or she is unable to work, the Social Security Administration (SSA) may provide some income protection as long as certain criteria are met. However, in many instances this will not completely replace the individual’s income. This is where disability insurance makes a difference.