Disability Insurance

Disability insurance protects your income if you become disabled for an extended period of time.  It is needed in addition to life insurance, because if you become disabled and cannot work, your loved ones will still depend on you to make a living and support them.  Also you will need to support yourself in your current condition. 

Many married couples opt not to get disability insurance because they think they will be able to support one another on a single income.  It is advised, if you are single, to get disability insurance because there may not be anyone else who would support you in your new state. 

Anyone from the ages of 18 to 65 can get this type of insurance.  There are different types of disability insurance, short term and long term. 

Many employers offer short term benefits, like maternity leave and sick leave, in their insurance packages but that will only provide a percentage of your income that you normally get.  This type of package usually lasts from a few days to a year, depending on the reason of absence.  Long term disability insurance lasts for time periods of a year or more until retirement.  Many people purchase these in addition to their employer disability insurance, because they will need more of their income than what their employer will be able to provide. 

No disability insurance policy will cover all of the expected income, but it is possible to find insurance companies that will pay up to 80% of the expected income.