Best Disability Insurance

The best disability insurance for your neighbor or co-worker may not be the best income protection for you. You may be single where they are married with children. Your income might be much higher than theirs, so you have more financial resources to protect in case you are disabled.

If you are a business owner, especially of a small business, your needs are different from those of your employees. You might want to look into group disability insurance for your employees. For self-protection, you certainly should consider key person coverage in case illness or injury incapacitates an essential employee. Overhead insurance that pays such fixed expenses as bills and rent in case you are disabled is an important type of insurance to examine.

Consider Your Circumstances

The best disability insurance for you will depend on your circumstances. Are you married, single, or the sole support of an aging parent? What are your financial resources? Do you have a high income, or are you living paycheck-to-paycheck, like most Americans?

A major consideration in determining which kind of policy to get is protection of your lifestyle. If you and your family are accustomed to a comfortable lifestyle based on your high income, your disability would be devastating without income protection insurance. Not all your lost wages would be replaced, but 50-70% of your former income would prevent catastrophe from overtaking your family.