What is Disability Insurance?

When you think of your assets, you probably think of tangible things like your home, car and retirement account. But, what about your ability to earn a living? At Crouch Corp Insurance Services, we believe one of your biggest assets isn’t anything you can touch or feel; it’s your ability to work. If you’re like a majority of Americans, it would be difficult, if not impossible, to continue meeting your monthly obligations if you were to become injured or ill and could no longer work.

Disability income insurance is a type of insurance product designed to help replace a major portion of your income if you were unable to work because of an illness or injury. For this reason, many people think of it as “paycheck protection.” Along with life insurance, disability insurance can offer the protection you need to ensure your family doesn’t lose their home or other valuable assets if the unthinkable happens.

What are the advantages of Disability Insurance?

One major benefit of disability insurance is the paycheck protection it offers if you become disabled. You can feel safe knowing that your family will be able to continue paying the rent or mortgage even if you are out of work. Additionally, having this insurance on hand can be useful even if you get disability through your employer.

When you purchase your own policy, you don’t have to worry about suddenly losing coverage if you leave your current employer and get a new job. And, as discussed above, buying a disability insurance policy can help you avoid the frustration and delays that can come with relying on Social Security Disability, only to find out that you are not actually disabled in the eyes of the Social Security Administration.

Can I afford Disability Insurance?

Purchasing a private disability income insurance policy, or adding disability coverage to a life insurance policy, is surprisingly affordable for most people. With the ability to choose from many carriers and products, you can tailor your policy to meet your budget and needs by adjusting the amount of coverage, the length of time payments would continue after a disability, the elimination period and other optional policy features and benefits.

Because disability insurance is a health insurance product designed to protect your income, the amount you will pay for coverage will be based on your health and lifestyle, as well as your occupation and income.

Do I qualify for Disability Insurance / What types of disabilities are covered?

All insurance carriers and disability policies are a little different, but qualifying for coverage may be easier than you think. Normally, there is no requirement for a physical exam.

Your policy will explain how “disability” is defined, and whether there are any exclusions to coverage. In general, private disability income insurance policies say that you are considered “disabled” if you are no longer able to work in your current occupation because of your physical or mental condition.

When should I buy Disability Insurance?

The best time to buy disability insurance is now, while you’re healthy. Don’t wait until your next big bonus at work to purchase coverage; many policies can be customized to include cost-of-living adjustments, so your policy benefits will rise with your income over the years.