Why You Need Disability Insurance

What are the most common and important kinds of insurance for you and your family? Perhaps what comes to mind for you is your health insurance, which allows you to take your family to the doctor and maintain your health. For others maybe it is your home insurance, protecting your largest financial asset, and ensuring that you and your family will have a safe and secure home. But for others, the most important insurance that you can have is disability insurance. Here are a few crucial reasons why you need disability insurance to protect you and your family.

Social Security isn’t Enough

The first crucial reason why you need disability insurance is because social security isn’t enough to cover your families’ expenses in the event of a disability or injury. The Social Security administration pays monthly payments to disabled citizens who cannot support themselves to assist with their living expenses, but these costs have not kept up with inflation, and are not enough to keep your family comfortable. Separate disability insurance can ensure that whatever happens to you, they will be cared for and supported financially.

Protect Your Income

Another key reason that you should have disability insurance to keep your family safe is to protect your income. If you get injured or disabled, your ability to make an income can suffer drastically, and make monthly expenses difficult to keep up with. If the accident happens at work, you can file for workers’ compensation. Workers’ compensation is a legal program that dictates your employer to compensate you for workplace injuries in the line of work. If you were injured at work, you should file workers comp claims right away. Visit a doctor as soon as you are injured to document your injuries.

Peace of Mind

The final reason that you need to get disability insurance is to give yourself some additional peace of mind. If you are supporting yourself or your family on your income, it can be terrifying not knowing how you would pay for expenses if you were injured, disabled, and couldn’t work. Having disability insurance can take that fear away , knowing that even in the worst-case scenario you will be able to provide for your family. 

Disability insurance is not one of the more common types of insurance, but it could be the most important insurance that you carry if you get injured. Understand these three benefits of disability insurance and start looking into disability insurance policies that could be right for you.

Check out this article on how to prepare your workplace for emergency situations !