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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About the Host

Rianka R. Dorsainvil

Rianka R. Dorsainvil, CFP®️ is the Co-Founder and Co-CEO of 2050 Wealth Partners a virtual, fee-only comprehensive financial planning firm dedicated to serving first-generation wealth-builders, entrepreneurs, and thriving professionals. Rianka also hosts 2050 TrailBlazers, a podcast aimed to address the lack of diversity in the financial planning profession by engaging industry experts and leaders in conversation.

As an award winning successful, millennial Certified Financial Planner professional, Rianka offers a unique perspective not only on the current state of the financial service industry, but on how to stay relevant in an ever-changing world.

Rianka serves as a member of CNBC’s Digital Financial Advisor Council and CFP Board’s Diversity Advisory Group, is a Forbes Personal Finance Contributor, and has been recognized for her accomplishments and leadership within the industry by leading publications and organizations such as Investment News’ inaugural 2017 Women to Watch Rising Star and Wealth Management’s Ten to Watch in 2018. She has been published in PBS NewsHour, Forbes, USA Today, Black Enterprise, CNBC, Women’s Health, and more.