Disability

What Does Disability Mean?

A disability is a condition that significantly limits an individual’s ability to lead a normal, productive life. It often results from an accident or illness. Disability insurance provides financial support, allowing individuals to maintain some form of income during periods of disability. The Social Security Administration also offers disability insurance, but this is a public form of coverage.

Insuranceopedia Explains Disability

Disabilities can pose a significant financial risk to individuals and families. For instance, if a family relies on a single breadwinner who becomes disabled, their income could drop to zero instantly. Without disability insurance, this situation could make it impossible to cover essential expenses. Families that depend on one paycheck face the most exposure here, and some pair disability coverage with life insurance built for low-income families so they are protected if the earner dies as well. Disability insurance, however, offers a monthly benefit to the policyholder, designed to help the individual or family stay financially stable while the policyholder recovers. There are policies available for both long-term and short-term disabilities. Most carriers let buyers adjust the waiting period and benefit amount, so it is worth getting quotes from a few disability insurance providers before settling on a policy.