What is Disability Insurance?
If you’ve always been healthy, you might not have given much thought to what would happen if you were suddenly disabled and unable to work--this might be especially true if you have a relatively safe desk job where it seems unlikely you’d sustain an injury. But the reality is, accidents happen all the time — even to healthy and young people. That’s where disability insurance comes in. Disability insurance pays a monthly installment of a certain amount for the period of coverage.
Do you already have disability insurance coverage through your employer? Great! While employer provided disability insurance is a great place to start, it is smart to have your own coverage, too. Why? Employer-sponsored disability insurance may not be “portable.” So, if you leave your employer voluntarily or if the company eliminates your job, you could find yourself without coverage. Also, many people find that their employer-sponsored coverage doesn’t offer enough protection.
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What is Critical Illness Insurance?
Having a sudden heart attack or stroke, receiving a cancer diagnosis, or learning you have another critical illness can be physically and emotionally draining. Unfortunately, being unable to work because of a critical illness or health condition brings financial consequences, too.
We never know what the future has in store for us. Of course, we all hope we’ll stay healthy and able to work. But, every year, thousands of people receive cancer diagnoses or learn they have other serious medical conditions seemingly out of the blue. There is a lot that still is unknown about critical illnesses. Becoming critically ill or disabled is something none of us want to face, but the harsh reality, according to the Social Security Administration, is that more than one in four of today's 20-year-olds will become disabled before reaching retirement age. Critical Illness insurance might be the thing that will allow you to focus on your health and not worry about how you’re going to pay the bills, by paying a lump sum payment when the insured receives a diagnosis of a qualifying critical illness.
