Disability Income Insurance
What is it?
Disability Income Insurance provides a monthly payment to cover living expenses if you are disabled due to injury or illness and unable to perform a job. The insurance only kicks in if you are unable to perform any job, not just your current job.
Many people may not have enough income or savings to cover monthly living expenses — utilities, house and car payments, groceries — should they be unable to work. Disability insurance is important because it provides a safety net if you find yourself in this position.
Who is it for?
Disability income insurance is a good idea if you work and your employer doesn’t provide adequate insurance. However, disability income insurance is not for everyone. For instance, if you and your spouse work and you can cover living expenses on just one salary, this insurance may not be necessary for both of you.