Disability income insurance protects your most valuable asset – your ability to earn an income. You pay a periodic premium and, in exchange, if you are disabled and cannot work, the insurance company promises to pay you're a pre-determined benefit amount. In order to understand the right type and amount of disability income insurance for your needs, you'll first need to examine if you already have some coverage in place. For instance, you may have some form of disability income insurance through your employer. If you do, it may be a good idea to find out if you have short-term and/or long-term coverage, and exactly how long the benefits last. Knowing what coverage you already have in place will help you determine if you need additional coverage to help pay for ongoing expenses in the unfortunate event you ever become disabled.
Since disability income insurance protects your potential future earnings, you should consider it an important part of your insurance program. Remember that individual contracts can be specifically tailored to help meet your personal needs. Because features and benefits vary widely from policy to policy, you may wish to discuss your needs with a qualified insurance professional – one who can answer your questions and concerns, assess your needs, and help you make an informed decision.