Disability Insurance: The Ultimate Example of Investing in Yourself

Few people like to think about worst-case scenarios. Deep down, as pessimistic or as negative-thinking as you might consider yourself, little good can come from pondering calamity. However, that doesn’t mean you should neglect preparing for market fluctuations, familial upheaval, or even physical accidents. This is especially true for professionals in intense, high-risk professions like firemen, police officers, or those in the medical field. With that in mind, today we’re going to dispel certain myths around disability insurance, and explain why it’s something more people need to consider –– especially early in life to ensure a more stable future.

Long-Term vs Short-Term Disability Coverage

Most people have some form of “short-term” disability insurance that pays benefits for roughly ten weeks after an injury occurs. Often, an employer will provide this short-term coverage through a collective company program. However, after that ten-week period is over, those benefits will cease. Again, most folks don’t care to consider suffering an injury that sidelines them for more than ten weeks –– or potentially even longer. Nevertheless, such injuries do occur, and if you don’t have some sort of long-term disability coverage, you could be facing a truly drastic situation one day.

Disability Insurance 101: Checking for Costs

It’s tricky to say exactly how much disability insurance will cost any given person. That’s because your insurance rate is based off a bevy of factors relating to to your health and lifestyle choices. Some things are obvious, like your previous medical history and your age. Other things are a little more nuanced, such as your gender (men typically have to pay more than women) and where you live (Californians have it worst off in this instance). And of course, your profession has an impact on your insurance rates as well. Unsurprisingly, those in high-intensity industries will likely feel the strain more so than “average” nine-to-five corporate clock-punchers.

Finding the Right Program for You

As mentioned above, there are a ton of factors that contribute to how much your insurance premiums are going to cost you. Unfortunately, that usually means the people who need disability insurance the most also have to pay the highest rates for it. The good news is, you have options in this matter. Seeking out specific programs like disability insurance for doctors, or pursuing short-term plans based on your career choice can help you identify a coverage model that suits your needs perfectly. Because while disability insurance is a vital investment in your own well-being, it shouldn’t be cost-prohibitive.