Some people are believers in insurance and think it is a great idea to invest in insurance policies. When it comes to disability insurance, people can often be misled about who should get it and who shouldn’t. You may think it isn’t for you if you don’t have a physically demanding job. Truth is, anyone could be forced to take a long term leave from their job regardless of their profession. Things like cancer, pregnancy and mental health issues can happen regardless where you work. You may not have a warning!
There are certain reasons which may make you think about getting disability insurance.
If you have a Single Income Home
If you are the largest financial asset in your home, it is important to protect that asset. Your family relies on you to bring home money to pay the bills. If you invest in disability insurance then you can protect your family in the event something unthinkable happens. You can choose terms that work best for you and pay what you can afford to be covered for what you need.
If you are paying off debt
Anyone who has stuck under a pile of debt knows how hard it is to get out of it. If you are on your way up and able to make payments towards your debt, you know that paying them in full and on time is key. If you were to not be able to have your steady/predictable income then that would change that. So thinking of insurance may be in your best interest so you don’t fall behind if you were to get sick or injured.
Add on coverage
Employers can offer coverage, typically short term disability insurance. If you are someone who wants to have disability insurance, you may not be happy with what is offered with your employer. You may want to invest in additional coverage to cover what you need. If you need a longer term period or more money paid out, or even a buffer in the event you are no longer employed with that employer then you can add on coverage.
All of these are examples of people who would need disability insurance.