We easily and often take our health and well-being for granted. However, life has a way of throwing a curveball our way, making it essential to prepare for unforeseen challenges. One such precaution is disability insurance, a tool designed specifically to provide a financial safety net in the face of unexpected setbacks.
Disability insurance serves a fundamental role: if an injury or illness prevents you from working and earning your regular income, this insurance ensures that you still receive a portion of that income. Think of it as a financial cushion, softening the impact of life’s unpredictable moments and allowing you to focus on recovery without the constant worry of monetary constraints.
But as with most financial tools, it’s not one-size-fits-all. The disability insurance landscape is vast, with a myriad of options tailored to cater to diverse needs and situations. Some policies might offer coverage for short-term disabilities, while others focus on long-term scenarios. There are variations in the percentage of income replaced, waiting periods before the benefits kick in, and the duration for which benefits are paid. Let’s explore the different types of disability insurance coverage in the infographic below:
