Disability
Disability insurance offers crucial financial support by replacing a portion of your income when you cannot work due to illness or injury, allowing you to manage daily expenses, medical bills, and other financial responsibilities while you focus on your recovery.
Disability Insurance Statistics
Disability insurance is a crucial yet often overlooked component of financial planning. According to the 2024 Insurance Barometer Study by LIMRA and Life Happens, 46% of U.S. adults recognize the need for disability insurance, yet only 18% have coverage, indicating a significant protection gap.
What is disability Insurance?
Disability insurance offers financial protection by replacing part of your income if you cannot work due to illness or injury. This coverage, whether short-term or long-term, helps you manage essential expenses like mortgage, medical bills, and daily living costs while you recover. Many underestimate the risk of disability during their careers, making this insurance vital for financial stability.
What are the 2 types of disability insurance?
There are two main types: Short-Term Disability, covering income for three to six months, and Long-Term Disability, which can provide benefits for several years or until retirement. Some employers include disability insurance in their benefits, but individual policies can offer tailored coverage to suit your needs, ensuring that unexpected health issues do not lead to financial difficulties for you or your family.
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