Disability Insurance

Is Disability Insurance Worth getting?

We think long-term disability insurance is the only plan worth buying... When you look at the numbers, long-term disability insurance really is your best option. We recommend getting coverage for at least 5 years or more, to cover long-term loss of income that your 3-6 month emergency fund won't cover.

25%

Percent of Americans who will experience a disability in their careers before retirement (U.S. Social Security Administration, Fact Sheet, 2018)

90%

Percent of long-term disabilities that result from illnesses rather than accidents (Council for Disability Awareness, 2018)

70%

Percent of working Americans that couldn't make it a month without a paycheck before experiencing financial hardship (Life Happens survey, 2018)

Disability Insurance Basics -

1. How much you will pay in premium. Just like any other type of insurance, this is the payment you must make each month to keep your coverage in force.

2. How the policy defines disability. Some policies will pay out a monthly benefit if an injury prevents you from working at your normal job, but allows you to do other types of work that will nonetheless reduce your income. Other policies will not pay benefits if you are able to work in another type of profession, even if you earn less money.

3. How much you will receive in benefits. In most cases, your benefit amount will be a percentage of your income. Policies typically pay 60 to 80 percent of what you earned before your disability.

4. How long your benefits will last. The benefit period may be a certain number of months or years, or up to a certain age.

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