When Should You Buy Additional Disability Insurance?
Disability insurance is a great safety net if you have a dire injury that needs to be taken care of. You can get paid if you are unable to work because of a medical condition. If you find your coverage is not enough, expanding your plan is incredibly helpful.
You Have High Expenses
High expenses can be a drain on you financially when you can’t work. Even if you have a large savings account, your money will gradually disappear without disability insurance. By preparing for the worst, you will maintain a steady flow of income until you can return to your work.
People who have several children or other dependents should seriously consider getting disability insurance. Without it, you run serious risk of losing your savings—especially if you are unable to work for a long period of time. Estimate the cost of your insurance and see if you can fit it in your budget. It will be worth it.
When Your Job is Dangerous
You should also consider investing in disability insurance if your job is notoriously dangerous. Jobs that involve hard labor or the operation of heavy machinery are commonly seen as riskier occupations. Construction work, manufacturing work, and mining work are three industries with many debilitating injuries.
You may work with a highly skilled team. Even still, you should still get the insurance. Excellent training and experience is still subject to human error. For example, one in six deaths in the workplace involves a forklift. You may not think that you need it, but it is better to be safe than sorry.
If You’re Facing a Medical Procedure
Workers who have medical conditions or who are expecting a medical procedure should also expand their disability insurance. Awful diseases can put you out of work for weeks—months if severe enough. You never know when a major illness could hit you. Your expanded coverage can help you feel calm financially when you are worried medically.
The most common conditions that qualify you to receive insurance money are cancers, mental illnesses like depression or anxiety, and damage to your bones and muscles. Ideally, you won’t have to deal with these, but if you have a genetic likelihood of a particular condition, you should invest.
By expanding your disability insurance plan, you will be able to feel more confident and comfortable when you are on the job. It is the responsible thing to do—especially if you have family members who depend on your income and you have a dangerous job.
Are you worried about your coverage? Check out some of your options here !
