Do I need disability insurance if I work?

Simply put, if you have a job and rely on your income, you most likely need disability insurance.

Disability insurance can be thought of as insurance for your paycheck. It ensures that if you are unable to work due to illness or injury, you would continue to receive a portion of your income to help you make ends meet. Everyday expenses like mortgage or rent payments, utility bills, credit card bills and more still pile up even if you can’t work. Hefty medical bills from the illness or injury can often make a bad situation even worse. Disability insurance can cover all this and more.

This makes disability insurance an important consideration for anyone with earnings from a job. After all, your future earnings could total millions of dollars—and one in four people will become disabled and potentially face financial hardship at some point during his or her working life, according to the Social Security Administration.

When thinking about your need for coverage, be sure you consider all the different forms of earned income you may have including:

  • Wages
  • A salary
  • Tips
  • Net income from self employment
  • Other taxable employee compensation like bonuses and commissions

There are disability insurance policies tailored for those in specific professions, including medical professionals, as well as for those who are self-employed. Those who work for an employer may get disability insurance through their workplace, but the key is to check to see if it would be enough if something happened. To find out how to get disability insurance, explore here.

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