What is Individual Disability Insurance?
Individual disability insurance is a type of insurance that provides income protection to individuals who are unable to work due to a disability. This coverage is essential for anyone who relies on their income to support themselves or their family. Unlike group disability insurance, which is often provided by employers, individual policies are purchased directly by the insured and can be tailored to fit personal needs.
Key Features
- Income Replacement: Offers a portion of your income if you become disabled and cannot work.
- Policy Customization: Insured individuals can choose various options, such as the benefit amount, waiting period, and coverage duration.
- Portability: Individual policies remain with you even if you change jobs or stop working.
Why Consider Individual Disability Insurance?
Many people underestimate the risk of disability, yet studies show that a significant portion of individuals will experience a disabling condition at some point in their lives. Having individual disability insurance ensures that your financial obligations can be met despite an unexpected loss of income. It provides peace of mind, knowing that you and your family are protected against unforeseen circumstances.