Disability Insurance

Many people overlook the value of disability insurance. This can end up being a huge mistake.

There are 2 main types of disability insurance: short term and long term. It’s pretty easy to calculate the potential loss due to short term disability and it can be easy for some families to use savings to cover lost wages due to a short-term disability.

However, a long-term disability can financially ruin a family if it impacts the primary earner and the family isn’t prepared.

While Social Security can kick in and pay a percentage of the lost income if the requirements are met, that is not designed to replace the full amount of lost income.