Do You Need Disability Insurance?

While life insurance is a beneficial policy, disability insurance often gets overlooked. However, what people might not know is that disability insurance provides tons of benefits to policyholders.

Moreover, data show that a population of Americans are unprotected and carry the risk of financial losses. With this, acquiring disability insurance is beneficial. 
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Here’s what you need to know if you’re wondering if you need disability insurance.

Why You Need Disability Insurance
People think that disability insurance is only helpful in times of on-the-job injuries. However, people might not know that disability insurance also covers cancer, pregnancy, and mental health issues. 

Although not everyone needs disability insurance, it’s beneficial to know why you’d need it as accidents can happen any time. Consider purchasing disability insurance if you fall in any of the following.

1. You’re the breadwinner
   You need disability insurance if people rely on your job. Not only does it provide financial security for you, but it also protects your dependents against financial loss. 
   
   If you’re financially supporting anyone, disability insurance ensures that they’re taken care of in case you can’t work because of injury or sickness. 
   
   
2. You have debt
   If you’re paying off debt like student loans or credit cards, you’re probably paying large amounts monthly. Income losses due to injury or sickness can affect your ability to pay off debts on time and in full.
   
   With this, disability insurance is helpful as it provides financial coverage, even if it’s temporary.
   
   
3. You have little to no coverage
   Typically, employers offer short-term disability insurance that can replace at most 50% of your income. However, if you lose your job because of injury or sickness, you will also lose your coverage.
   
   With this, experts recommend acquiring disability insurance to help you continue the short-term insurance your employer provided.
   
   
4. You are self-employed
   The benefits of disability insurance can help provide income and coverage for business costs. With this, disability insurance is a must for self-employed people. 
   
   Some insurance agencies require tax returns as proof of income. If you’re considering acquiring disability insurance, you can opt to pay higher monthly premiums to shorten the elimination period. 

Final Thoughts
Disability insurance doesn’t only protect you and your loved ones against financial losses. It also saves you against the risk of income loss because of injury or sickness.

At AmeriFed Insurance & Financial Services, we do our best in making sure that our clients are well-protected with affordable and comprehensive policies. We make sure to go the extra mile to help you with your needs. To learn more about how we can help you, please contact our agency at  (813) 848-9787 or Click Here to request a free quote.