What Is Disability Insurance? What Is Disability Insurance?

Disability Insurance is a type of insurance policy you can purchase to replace some of your income if a disability leaves you unable to work. This is how Social Security Administration defines disability: “Disability” under Social Security is based on your inability to work. We consider you disabled under Social Security rules if:

  • You cannot do work that you did before;
  • We decide that you cannot adjust to other work because of your medical condition(s); and
  • Your disability has lasted or is expected to last for at least one year or to result in death.

This is a strict definition of disability.

Social Security program rules assume that working families have access to other resources to provide support during periods of short-term disabilities, including workers’ compensation, insurance, savings, and investments.

No disability benefits are payable for partial disability or for short-term disability.

Disability is something most people do not like to think about. But the chances that you will become disabled probably are greater than you realize. Studies show that a 20-year-old worker has a 1-in-4 chance of becoming disabled before reaching full retirement age.

 

These terms, definitions, and statistics are published by the Social Security Administration. http://www.ssa.gov/dibplan/dqualify4.htm http://www.ssa.gov/pubs/EN-05-10029.pdf

These Disability Insurance resources provide you with additional Disability Benefits programs:

Disability Insurance, Life Insurance Differences

What Does Disability Insurance Cover?

What Is Long Term Insurance?

Social Security Disability Insurance Approval Rate

You can also read stories about Disability Insurance at HypoGalBlog.com

You can read HypoGal’s Story with Disability Insurance at Amazon’s highly ranked business law book: HypoGal and Disability Benefits.