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Disability Insurance Awareness

Understanding Disability Insurance: Protecting Your Income During Unexpected Events. Disability Insurance 101: Key Facts and Benefits You Need to Know

May is disability insurance awareness month, and disability insurance protects income in case of illness, injury, or mental disability by paying a percentage of income, generally tax-free.

Different types of insurance programs are available, including short term disability that covers periods of 7, 14, 30, or 90 days, and long term disability that kicks in after short term disability ends.

Considerations for choosing coverage are based on financial resources, and disability insurance covers a wide range of disabilities, including temporary and permanent disabilities.

Options for coverage include employer-provided disability insurance, enhancing employer-provided coverage, and obtaining disability insurance independently. Other factors to consider are the occupational risks and how the coverage might be rated (another word for priced in the insurance world).

Qualifying for Social Security disability income depends on work history and income, and there are limited options for income replacement other than PTO, sick time, savings, and Social Security disability income.

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