By Dez Duran-Lamanilao

Image source: Healthwatch 

Most of us believe that life insurance is enough to protect us and our loved ones from unforeseen events beyond our control. But if you are solely relying on your income to finance your daily needs and those of your family members, disability insurance secures your income if you become physically unable to do so.

Accident Insurance vs. Disability Insurance

What is the difference between the two? The former guarantees a lump-sum cash benefit to help offset costs related to a covered injury. The latter replaces a part of your income if you are unable to work due to a covered sickness or injury. Disability insurance may be short-term or long-term, depending on the severeness of the illness or injury. Unfortunately, there are conditions that may be outside an existing coverage, so it helps to clarify this with your insurance agent before purchasing a plan.

When to Get Disability Insurance 

Data from the Social Security Administration reveals that more than one in four of those in their 20s may be out of work for at least one year due to a crippling condition that might happen before the normal retirement age. Moreover, market research firm for disability benefits Group MarketShare reveals that 5.6 percent of working Americans may go through a short-term disability due to pregnancy, musculoskeletal disorder, digestive disorder, mental health issues, or injury. Don’t think that it is too early to get a disability insurance. The right time was yesterday.

Disability insurance is the evident choice to replace a portion of your income when you get sick or hurt and your paycheck suddenly stops. The regular income protection assurance process consists of four basic steps: getting a quote, applying for coverage, getting approval, and paying your premium. Imagine that vs. the never-ending steps you need to overcome if you do not have that kind of protection.

The older you get, the bigger your responsibilities become. While you are still young and still can, have a clearer understanding of the possible benefits of protecting your income. Age is not just any number. It matters. Disability insurance does too.