What Is the Best Type of Disability Insurance?
The best type of disability insurance is the one that best meets your personal needs. Policies are offered to individuals or as group plans through an employer. Coverage options are either short or long-term, and both are valuable depending on whether your illness or injury is temporary or not.
If you already have a group long-term policy through your workplace, it might be wise to add supplemental or individual short-term coverage on your own. This will help bridge the gap between when your disability occurs and when your existing coverage kicks in and may offer other benefits such as student loan repayment protection.
How Do I Choose Disability Insurance?
If your employer offers a group short or long-term disability insurance option, that may be an affordable option to consider. Of course, you also can purchase individual and/or supplemental coverage on top of that to further protect yourself and your income.
When choosing a disability insurance policy, you’ll want to look at the elimination period options, benefit coverages offered, available riders, and whether the policy is noncancelable. In some cases, you also might want to consider having a conversation with me.
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