Disability insurance can replace a portion of your income if you're ever too sick or injured to work. Having the right policy in place will help you cover expenses and keep your financial plan on track so you can focus on getting better. It's important to know how a provider defines a disability as it will help you figure out the right level of coverage you might need. Talk to one of our advisors to learn more.

If you depend on your income, it's important to protect it. Disability insurance can close the gap between the coverage you have through your employer's group policy and what you'll need to maintain your lifestyle if you get sick or injured and can't work.

You might think you don't need disability insurance if you have coverage through work. But in most cases, that only covers around 50-60% of your income (according to the US Bureau of Labor Statistics, National Compensation Survey: Employee Benefits in the United States, March 2021). Plus, you'll have to pay taxes on any payments you get from that coverage. But when you have your own policy, you can get closer to having 100% of your income covered, the payments you get will not be taxed, and you'll stay covered even if you change jobs.

There is a disability insurance component to Social Security. But the benefit payments are likely to be lower and qualifying for benefits can be more difficult than with a private policy.

Disability insurance is generally quite affordable. In fact, most policies cost less than a daily cup of coffee. When you buy a disability insurance policy, you pay a premium based on the length and type of coverage you choose, your health, the benefit amount, and other factors.

There are two types of disability insurance policies, short-term and long-term. Short-term disability (STD) is usually provided by your employer and is designed to replace a portion of your income for a short period of time, like several months.

Long-term disability (LTD), which we offer, gives you coverage if you're out of work for a longer period of time because of a more severe or permanent disability. LTD is sometimes offered as a workplace benefit, but it's typically purchased as an individual policy. Coverage is designed to last for many years—even through retirement if needed.

LTD and STD policies work best in tandem because LTD doesn't kick in right away and there's an elimination period, while an STD policy kicks in more immediately.

Ask one of our advisors if a long-term disability policy is right for you