Disability insurance can safeguard your income when injury or illness leave you unable to work. By replacing a portion of your income, a disability insurance policy ensures that you have the financial security to cover essential living costs like rent or mortgage payments, tuition, food, and utilities.

Unlike life insurance, many individuals don’t perceive a need for disability insurance until they find themselves unable to work. For many young workers, in particular, the risk of disability or illness is not seriously considered. However, nearly 1 in 4 20 year-olds will become disabled before reaching age 67. It’s also easier and less expensive to get disability insurance for young and healthy workers.

Taking the following factors into consideration will help to determine whether it’s the right time in your life to consider a disability insurance policy:

When Someone Depends on Your Income

If other people—spouses, parents, or children—depend on your income to cover living expenses, disability insurance can help to ensure that you are still able to provide for them. Even if you are the only person dependent on your income, it is important to consider whether you would be able to maintain financial security if your income were to disappear.

When You’re in a High-Risk Industry

Workers in manual industries such as labour, manufacturing, or field work are naturally at higher risk for injury or illness. For example, if a carpenter breaks a limb, it can drastically reduce his or her ability to work effectively. Even if a crew or company employs experienced workers and safe work practices, there is always a risk that an accident can leave an employee on the sidelines (or at home) until they have fully recovered.

When You’re At Risk for Illness

The majority of long-term absences are actually caused by illnesses, rather than accidents. For example, cancer is a leading cause of long-term work absence. Disability insurance also protects your income if an illness leaves you unable to work for a long period of time. For those at high risk for illness (or suffering from chronic or recurring illnesses or injuries), disability insurance can offer greater peace of mind.

When Your Work Insurance Package Doesn’t Cover Disability (or Isn’t Enough)

Many employers will include some form of disability insurance in employee benefits packages or health plans. However, it’s important to carefully consider the level of coverage offered, as group benefits may not be sufficient to ensure your financial stability without your regular income.

If you have questions about whether it’s the right time for you or a loved one to seek out disability insurance, Serra Benefits & Insurance Services in Oceanside, CA can help you make an informed decision about your insurance needs. Contact us today at 760-439-9700 to find out more.