Healthcare professionals depend upon their medical and diagnostic skills to function. They stand to lose their income because of any unfortunate event, such as an accident or a prolonged illness.

1. The Cost of Not Having Disability
Insurance
Disabilityinsurance isone of the mostignoredtypesof insurance thatpeople donotbuy.Youmight
thinkthat youare ingreat healthanddo notneeddisabilityinsurance.However,disastercanstrike
withoutwarningDisabilityinsurance.Accidentsdohappenthatcouldpreventyoufromworking.In
addition,the bodyisunpredictable,anddisease orillnesscouldsuddenlyattack.
What isDisabilityInsurance?
Disabilityinsurance isaninsurance policythatwill covermuchof yoursalaryif you are unable to work.
Moneyis necessarytolive,sothistype of insurance will giveyousome income.Itbasicallyprotectsyou
financially if youbecomedisabled.
Why doyou NeedDisabilityInsurance?
You do notwant to thinkaboutbecomingdisabled,butthere are alarge numberof people inthis
countrywho cannotwork because of a disability.Havingdisabilityinsurance cankeepyoufromhaving
severe financialhardshipsinthe future.If youdonot have disabilityinsurance,there are manyreasons
as to whyit couldreallycostyou:
1. Loss of Income:Paidsickleave onlygoessofar.The cost of the diagnosis,treatmentandrecoverycan
be significant.Youalsoneedtomake sure that youhave the moneyto paymonthlyexpenses.Youmight
have the necessarymedical insurance tocoveryourmedical bills,butthe otherexpensescanleave you
ina financial bind.Whenyoucannotwork,youwill notreceiveanyincome,butyourbillscontinue.If
youhave disabilityinsurance,youwill be receivingsome moneytohelpoffsetyourlossof income.
2. Medical Expenses:Eventhoughyoumighthave medical insurance,the costof heathcare is
increasing. Evenwithmedical insurance,there couldstill be asignificantcostforyourtreatmentand
recovery.Youmightneedspecialistsorevenphysical therapytoaide inyourrecovery.The gasmoney
alsoadds up.You will needtotravel tothe hospital ordoctor's office whileyouare recovering.
3. MiscellaneousExpenses:If youare not receivingincome,youcannotdothe thingsthatyou enjoy.In
otherwords,yourqualityof life woulddecrease.Youcannotgoout to dinnerorrent a movie.Youcould
not spend moneyonyourfamilyatChristmastime orfor theirbirthday.Itwouldbe a veryboringand
stressful waytolive.
Typesof Coverage
There are basicallytwotypesof disabilityinsurance coverage:

2. •Short TermDisability:Thistype of disabilityiscoverage thatdoesnotlastlong,usuallyforabouta year.
If you are notable to workbecause of a disability,youneedtoreturnto workwithinthatyear.Thisis
usuallylessexpensive.
•Long Term Disability:Longtermdisabilityisinsurance thatwill take longerthanayear. Youhave a
seriousprobleminwhichyoucannotrecoverfromwithin52weeks.Longtermdisabilityinsurance
usuallybeginsafteryourshortterminsurance hasexpired.Some employersprovide shortorlongterm
disabilitybenefits.Otheremployersofferitasa paymentoption.Itisa neededbenefitif youdonot
wantto go withoutincome because of adisability.
Advantagesof DisabilityInsurance
Since youwill notreceive apaycheckfromyouremployer,youwillreceive incomethroughyour
disabilityinsurance provider.Youwill needmoneytopayyourmonthlyexpenses,suchasutilities,
mortgage,groceries,etc.Havingapaycheckcouldevenpreventyoufromfacingforeclosure.Normally,
disabilityinsurance isapercentage of yoursalary. The amountthat youwill receive dependsonyour
type of insurance plan.Itmightbe half of your income,oritcouldbe up to3/4 of yoursalary.Although
it will notbe all of the income that youare accustomedtoreceiving,itcouldkeepyourheadabove
waterduringthisdifficulttime.
GettingDisabilityInsurance
If your employerdoesnotprovide disabilityinsurance,youcanpurchase iton yourown.You needto
searcharound to findthe bestoptionsforyou.Aninsurance quote comparisonsite isyour bestoption
whencomparingpolicies.There are afew thingsthatyou needtolookfor whengettingdisability
insurance:
• Getone that cannot be cancelled:Thisisa contract that will secure youarate for a certainamountof
time,andyour providercannotcancel it.Anothernon-cancelableplanisarenewable planthatdoesnot
allowyourprovidertodropyou. However,theycouldraise theirfees.
• Knowtheirdefinitionof "total disability":There are terms,suchasown occupationandany occupation
that youwill wantyourinsurance companytoclarify.Ownoccupationnormallymeansthatyouwill get
benefitsif yourdisabilitydoesnotallowyoutodothe job thatyou were doingbefore yourdisability
occurred.Anyoccupationmeansthat yourdisability will needtobe sosevere thatyouwill be
unemployedandnotworkat all.
• Lookfor Insurance Riders:Make sure that youread the termsand conditionsof yourplan.Ridersare
termsput intoyourpolicythat allowsyoutomake changesat some pointinthe future.
Costsof Coverage
The price of disabilityinsurance will vary,andthusitiswise touse an insurance quote comparisonsite
to getthe bestdeal.The longeryourterm, the more expensive itwillbe.Some companieswill lookat
your occupationwhentheysetthe price.However,the risksof nothavingcoverage faroutweighthe

3. cost of obtainingdisabilityinsurance.Itisahuge risk tonot have disabilityinsurance,anditcouldcome
at an enormousprice while puttingyouina financial bind.Beingwithoutasteadyincome forjusta few
dayscan be costly,butnot havingincome foran extendedamountof time cancause you an extreme
amountof emotional,financial,andpsychological pain.
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