If you are like most people, your ability to get up each day and earn an income is one of your most valuable assets. But if you became sick or hurt and couldn't work, how would you pay your bills?
Disability insurance can replace a portion of your income when you are unable to work because of an injury or illness.
There are two types of disability insurance:
- Short-term disability provides an income for the early part of a disability and may pay benefits for two weeks or up to two years. This insurance is often included as part of an employee benefits package.
- Long-term disability helps replace income for an extended period of time, usually ending after five years or when an individual turns 65. This insurance can either be provided by an employer or be purchased individually.
