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

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