If you’ve lost your income due to an illness or an injury and can’t work, how do you replace your income? A disability insurance policy helps replace your income if you’re unable to work.
Who Is Eligible for Disability Insurance?
Disability insurance is typically available to full-time workers between the ages of 25 and 60. For those in their primary working years, protecting their income is vital.
Because many people in our culture today are working into their 70s, it can be argued that this protection should last until age 65 or older. However, by that age, many workers have accumulated other assets they can use if they face a disability, such as Social Security or personal savings.
How to Get Disability Insurance
Disability insurance can be secured as an individual policy that you buy yourself, or it can be obtained through your employer. Generally, the most cost-effective approach is coverage through an employer, though this depends on whether your employer offers it.
There are two primary types of disability coverage:
- Short-Term Disability: Generally covers a period of three to six months or less.
- Long-Term Disability: Covers a period starting after three or six months and can last until you reach age 65.
Both options are available as coverage you purchase on your own or through your employer.
Let MBhealth Help With Your Coverage
If you would like to learn more about disability insurance, or if you are currently at open enrollment with your employer and are unsure of what to do, MBhealth can help. Please call our office at (314) 544-5400 or reach out via our website.
