Disability insurance protects your loved ones when you are no longer able to work. Disability insurance is a type of life insurance that pays benefits to a family member.

About disability insurance:

Most people understand this disability insurance as long-term care insurance for the elderly or a guaranteed benefit for disabled. However, there are different types of disability insurance policy.

-Limited expenses -Individual benefits -High payout potential (regardless of whether disability happens to you or not) -Average retirement payouts (based on your income)

Pros of disability insurance:

Disability insurance pays you a lump sum when you cannot work anymore. This money comes in handy when you can no longer work. This can be a life-changing event and it can cause financial hardship.

Goal of disability insurance is to provide a financial safety net. Because of increased cost of healthcare, disability insurance plans are more common & more accessible.

Pros of disability insurance:

When you apply for disability insurance, you are usually asked how much you will need to live on if you cannot work. This is a very good indicator of how much you need to save on own investment skill.

First & most important advantage of disability insurance is protection it offers in event of loss of income or disability, which if undetected can turn into a bad event.

Pros of disability insurance:

You can purchase disability insurance policy coverage through a company that specializes in these types of policies. There are numerous reliable online brokers who offer disability insurance, as well.