Four Common Questions About Disability Insurance


Disability insurance protects the income of the individual if he or she is unable to work. Below we’ve answered four common questions about disability insurance.Accidents can happen in the blink of an eye. They’re impossible to plan for, but what you can be prepared for is what happens in the event that you become injured or disabled and unable to work. That’s where disability insurance comes in. Disability insurance protects the income of the individual if he or she is unable to work. Below we’ve answered four common questions about disability insurance.

Will I Ever Need It?

Nobody ever thinks it can happen to them – until it does. According to the Social Security Administration website, more than 775,000 disabled workers received benefits in 2015. If you were disabled and unable to work, do you know how you would pay your mortgage and other necessary bills? According to the Council for Disability Awareness, just over one in four of today’s 20-year-olds will become disabled before they retire.

Does Worker’s Compensation Cover Me?

One common myth is that worker’s compensation will cover a person if they are injured and unable to work. Unfortunately, workers compensation only covers those who are injured on the job. A majority of the causes for being unable to work don’t stem from accidents or injury, but from illness.

When is the Right Time to Consider Disability Insurance?

Many people believe that because they are still young, they do not need to consider disability insurance. The fact is that no matter your age, you should ask yourself the following question: “If I was sick or injured and unable to work, would I be able to afford my home, bills, groceries and medical expenses?” More times than not, the answer is “no.”

Where Can I Find It?

Colonial affiliate Colonial Life Insurance Company of Texas offers various disability coverages. Coverages are available that can make your mortgage payments for up to two years if you should become disabled. Both “accident only” coverages and “accident and sickness” coverages are available. Get a quote today, or give us a call at 817.390.2350.

 

Want to read more? Visit the Colonial Wallet Wisdom Blog and read about Choosing the Best Disability Insurance

 

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