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The Basics of Disability Insurance

Many people assume that disability insurance only makes sense if you have a high-risk job that involves strenuous activity, dangerous sites, or heavy machinery. However, statistics suggest otherwise. According to the Council for Disability Awareness, one in four of today’s 20-year-olds will become disabled before they retire, and accidents are not the leading cause of disability. Instead, most long-term absences are caused by things that can happen to anyone, from a common back injury to cancer.

Disability insurance provides many benefits for disabled workers and their families. Women can use disability insurance to cover lost wages when they take maternity leave. Short-term disability insurance can help protect workers during a serious illness or after a surgery that requires a lengthy recovery period, and long-term disability insurance can cover those with chronic mental conditions. Although the former isn’t meant to last longer than two years, the latter can cover a policyholder from one year up to age 67.

Often, your age determines the standards and benefits of your disability insurance. The younger you are, the higher the standard for disability will be and the lower the amount you will receive. Keep in mind that most insurance policies stop covering policyholders once they reach age 62, which means workers who are nearing retirement may need to draw Social Security instead. The average amount disabled workers receive per month from their disability insurance is $1,165 (less than what most Social Security retirees receive), but the amount could be lower or higher depending on the terms of your specific policy.

Take advantage of the quizzes and articles at HealthIQ.com to learn more about how disability insurance can help you.



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