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Disability Insurance

Definition

Insurance that provides income if you’re unable to work due to a disability. It’s a safety net to help cover living expenses during tough times.

What to consider

  • Review what your policy covers so you’re prepared in case of injury.
  • Think about how a loss of income would affect your daily life.
  • Choose a plan that fits your personal and family needs.

Real world scenarios

  • Louisa suffers a back injury, and her disability insurance covers part of her income while she recovers. This support prevents financial strain during rehabilitation.
  • Choosing an employer-sponsored disability plan allows Jon to pay minimal premiums while securing peace of mind.
  • To prepare for potential accidents, Mina researches disability policies that match her freelance lifestyle, ensuring steady coverage if she can’t work.

Related terms

Trust
Trust Fund
Chapter 7 Bankruptcy
Prenuptial Agreement
Estate Planning

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