Disability insurance myths are pervasive. Disability myths are somewhat dangerous because they may prevent you from protecting your greatest financial asset—your ability to earn a paycheck. When you think of disability insurance, do you think about insurance that covers disability due to a relatively severe accident? Many people do. What about the chance of a disability happening to you? You are a careful person and you have a desk job. No need for disability insurance, right? Well, the preceding scenarios make up two of the larger disability insurance myths. It makes you wonder how many other disability insurance myths you believe.
Your ability to earn income is your most valuable asset. People tend to insure their property and their “things,” but frequently overlook the source that makes it possible to maintain their lifestyle—the ability to earn income. But what about disability insurance for the self-employed? Could it be extra important for them to have an income protection plan?
Disability insurance has a base policy. But they also have options that can be added to the standard policy. Optional “add-ons” to the base policy of disability insurance are called disability insurance riders. Riders allow consumers to individualize—to add optional features, which address their specific income protection needs.
The definition of disability changes depending upon who you ask. The dictionary, the ADA, and Social Security all have definitions that they created. Which begs the question, who has the right to determine the definition of disability?
Are you looking to improve your life? A good way to start is making sure you have disability insurance coverage locked in.
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