Disability Insurance Is For Everyone

Disability insurance is an insurance policy that provides income to you should you no longer work because of a disability.

Most companies provide group disability insurance coverage at a cost, and if they do not, then it would be very wise to obtain this coverage on your own.

A disability may last for a short period of time, which is covered through short-term disability or an extended period of time, which would be covered through long-term disability.

Understand that these are two different types of disability policies.

When obtaining disability insurance, it is important to note the two different types of disability coverages: Own-occupation and Any-occupation, also known as Own Occ or Any Occ.

By definition, Own-occupation policies provide coverage if you become unable to perform the substantial and material duties of your specific occupation, even if you are still able to work in another occupation.

An Any-occupation policy, by contrast, only provides total disability benefits if the insured is unable to work in any occupation.

That means if you can work at any job, coverage will not be extended to you.

Understanding the importance of disability insurance and the different types of coverage is key to not only building your wealth but meaning it as well.

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