Disability Insurance in Waterford, MI
While many people insure their homes, cars and personal belongings, they may not understand the importance of protecting their income. If an illness or injury were to keep you from working for an extended period, your bills would not simply wait for you to recover. With this in mind, disability insurance is designed to help you maintain financial stability during these difficult times.
What Disability Insurance Typically Covers
Disability insurance policies vary, but coverage can generally pay out a percentage of your usual income over a defined benefit period. Policies are typically classified as either short-term disability, which can cover lost income for a few weeks or months, or long-term disability, which can extend financial aid for years or until retirement age.
Policies generally distinguish between own-occupation coverage, which pays if you cannot perform your specific job, and any-occupation coverage, which pays only if you cannot work at all. Check your policy for specifics on waiting periods, benefit amounts and exclusions.
Who Should Consider Disability Coverage
Disability insurance can prove to be an invaluable investment for anyone who would struggle to maintain their lifestyle and keep up with expenses should they be unable to work. If the following apply to your situation, you may be in particular need of coverage:
- Working as a self-employed individual without employer-provided benefits
- Being employed in physically demanding trades or occupations
- Supporting loved ones
- Lacking significant savings or assets
- Participating in risky hobbies or activities
How to Find the Right Policy
Coverage needs vary based on income, occupation, existing benefits and personal financial obligations. An independent agent can compare options across multiple carriers to help you find a policy that fits your situation rather than steering you toward a single company’s offerings.
Contact Hutchison Insurance Agency LLC to talk through your options and find disability coverage that works for you.