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Disability Insurance: Do I Need It?

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Whether you’ve been recovering from major surgery or have a long-term impairment, disability insurance may be a good idea for you. Normally, disability insurance involves either paid sick leave, short-term disability, or long-term disability.

We all know that Social Security benefits are available, but in many cases, it simply won’t be enough to cover your expenses and help you live comfortably until recovery. Here are a few things to think about.

Will my insurance cover my family’s expenses while I’m unable to work? You should know what kind of coverage you can expect if you will need it. A good policy should give you time to recover while allowing your family to live comfortably.

How is the claims process? You should be able to access your coverage in a reasonable amount of time, and your insurance provider should give you all of the resources and contacts you need to make a claim smoothly and easily.

What kind of disability does my insurance cover?  Imagine that you expect your recovery time to only take several weeks, but those weeks turn into months. Can you still expect to be covered? Discuss this with your insurance provider ahead of time to stay prepared.  

Be sure that your disability is covered – some insurance providers will deny coverage for certain disabilities or if their clients are considered high-risk.

There are many factors to consider when choosing an insurance plan. Are you the sole provider to your household? Are you currently at risk of being disabled because of working a dangerous job? Do you have a medical condition that can leave you disabled? If you are going to purchase insurance, it should be the best fit for you and your family’s circumstances.

Having a disability does not have to mean unnecessary stress and financial hardship. Find out what the professionals at SOGO Wealth Management & Risk Management can do to assist you with starting a disability insurance policy.

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