4 Types of People Who Need Disability Insurance

Dec 19, 2023 2 min read

Should you get disability insurance? Most people don’t think about what would happen if they suffered a long-term disability. But statistically speaking, more than 1 in 4 of today’s 20-year-olds will become disabled before they retire. Furthermore, disabilities aren’t often caused by an accident — most disabilities are caused by illness. 

Many people assume that those who work in high-risk professions need disability insurance the most — but that’s not always true. Anyone who earns a paycheck should think about disability insurance. 

According to a recent MarketWatch report, 68% of survey takers said they wouldn’t be able to cover their living expenses for a month if they lost their job today. This alone is a good reason to consider disability insurance. 

What Is Disability Insurance? 

When you no longer have a reliable income, disability insurance is designed to help you make ends meet. It can help you cover important expenses like your mortgage, credit card bills and car payments. While disability insurance can benefit most people, there are four types of people who need disability insurance more than others.

1. The Sole Provider of the Family 

If you are the member of your family who’s primarily responsible for earning a living, having disability insurance can go a long way to protect your earning potential. If you become sick or get injured and can’t work for an extended period of time, your family’s security could be in jeopardy, not just your personal livelihood. Disability insurance is designed to supplement lost income so you can focus on what’s most important: getting well. 

2. People in Physically Demanding Roles 

If you work in a field that requires a lot of physical labor, like construction, nursing or physical therapy, then your job probably requires you to be on your feet day in and day out. In that case, you may want your own disability insurance, even if your company offers a group plan. Individual disability insurance can provide financial support beyond your company’s workers’ compensation plan if you are suddenly unable to lift, walk or stand. Coverage picks up where other policies leave off so that you don’t have to dip into your savings to pay your bills while you are laid up.

3. People Who Support Minors 

If you have minor children at home who depend on your income, you may want to consider disability insurance. Even if you are sick or injured, your family will still need you to provide for them. This coverage is designed to provide funds if you are unable to perform your job.

4. People With Recurring Injuries or Illnesses 

Do you suffer with recurring health issues, like back problems, chronic diseases and disorders, or nagging injuries? These conditions can cause you to miss work for an extended period of time. If that’s you, then you may want to consider purchasing disability insurance. Disability insurance can act as a safety net when you’re out of work for an extended amount of time due to medical reasons. You can protect your paycheck while you are rehabilitating your injury.

Two Kinds of Disability Insurance Coverage Options 

If you’re thinking about adding disability insurance to your policy, you should consider two types of coverage: group and individual. 

Group Disability Coverage

Group disability coverage is often offered by employers as an employee benefit. It can be packaged as short-term disability (90 days or fewer) or long-term disability (extended leaves of absence). Both will cover a portion of your salary if you are hurt or too ill to work.

Individual Disability Coverage

Many people also benefit from individual disability coverage. This coverage is purchased independently from your employer. Plus, it’s portable, which means you won’t lose coverage if you change jobs. 

Protect You and Your Loved Ones

Your bills don’t stop when you’re injured, ill or out of work. Make sure you’re able to financially handle your responsibilities, even if you can’t make it to work for a period of time. Your Farm Bureau agent can help you find the disability coverage that meets your needs.

Want to learn more?

Contact a local FBFS agent or advisor for answers personalized to you.