Debunking the Most Common and Best Disability Insurance Myths

Have you been on the fence about getting disability insurance?

If you’re not sure what it is, it’s a type of insurance that offers benefits to those who can’t work due to a disability from an injury or illness. However, studies show that only 1/3 of Americans have disability insurance. It’s one of the more complex insurance policies; thus, not many understand how it works.

This article covers some of the most common misconceptions about disability insurance. Read on to discover more and why you need to get the best disability insurance today.

Workers’ Compensation is Enough

Because of the nature of workers’ compensation, most people believe that it’s enough. In truth, it only covers treatment for illnesses and injuries that happen due to work. Most employers also only cover a portion of your salary.

You can even get taxed for benefits if your employer is paying for a premium. This means you’d have less than your normal income. Disability insurance can counteract this as a tax-free supplemental service.

You Don’t Have a High-Risk Lifestyle

Most people opt out of getting disability insurance because they believe their job isn’t dangerous enough. The reality is that more accidents and injuries happen at home than at work. Accidents can occur at any time, and relying only on workers’ comp can hurt you.

Even if you have workers’ compensation insurance, it’s best to fill in the gaps to protect your income. This is where disability insurance comes in.

You Have Other Resources

If you want to protect yourself and your family, it’s best not to take options like disability insurance for granted. Many believe that they can get by with savings or that vacation time and sick leaves can cover their income. You may also think that your spouse’s income will be enough for you both.

As mentioned prior, workers’ compensation can only cover so much. If you still think other resources will be enough to sustain you, it may be time to reevaluate your options.

You Don’t Qualify for Disability Insurance

People with an existing condition think they won’t qualify for disability insurance. You may believe that your local insurance agency won’t issue a policy due to your high-risk lifestyle.

It’s true that insurance providers assess your risk of becoming disabled before giving you a policy. However, your current lifestyle or condition will not prevent you from getting insurance. You may need to pay a higher premium, but you can rest assured that you have proper coverage.

Get the Best Disability Insurance Today

Here are some of the most common misconceptions about getting disability insurance. Now that you know what disability insurance can offer, it’s time to reassess and reevaluate your options. Use this guide to make better decisions and get the best disability insurance today.