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You need disability insurance. This is because the chances of needing disability insurance are great enough (and enough people abuse what existing federal insurance there is) that you could be collecting it if you become unable to work for a long period of time with, say, a back injury, a disease, or a long-term illness (of more than a year in length).
You have probably seen (or at least heard) commercials for social security disability, for life insurance, for health insurance. In some of those ads you might recall their making comments that include how company X will sell you such insurance even if you have a pre-existing condition. In other ads there is talk of getting representation if you are denied.
This is because, for example, to be eligible for social security disability benefits you must meet the standard definition of one who is long term disabled—or impaired: that is, you must have a physical, mental, or combination health problem that is disabling you from returning to work. This is because to be eligible for some disability insurance you often must not have any physical, mental, or combination health problem or impairments—impairments that would of course make you a high risk.
So if you are not covered by any disability insurance through your workplace (and even if you are), you may want to check into the available coverage and policies. You will want to look into the details, though, for while the average coverage is from 45 to 60% of your gross income (tax-free), policies differ from state to state.
And they differ—slightly—from insurance company to insurance company. I have read that, for example, going with the cheapest disability insurance plan is not necessarily the wisest thing to do—as less expensive insurers might not come through with enough monthly benefits if and when you should need to collect. Or some companies will charge higher premiums for smokers or for individuals with pre-existing conditions…or might deny you altogether.
So this is what the commercials are implying when they include talk of your possibilities of being denied, say, social security disability benefits. So this is what disability insurance is for. So this is what a few hours of involved but reasonably simple research will find.
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