Have you ever wondered what would happen to your income if you had an accidental injury, sickness, or pregnancy? That is why you need disability coverage. It replaces a portion of income for the period of time you are unable to work due to those reasons.
You are able to choose the benefit amount which is the amount of your income to replace, and the waiting period that you begin receiving payments.
How do you decide if you need disability insurance?
Consider these questions when making your decision:
How much employer leave do you have?
Do you have savings?
Do you have other income you can rely on, such as from your spouse or from child support?
How close are you to retirement?
Could you go on Social Security Disability or take a Disability Retirement?