A Disability Insurance Primer

Should you have disability insurance?

A sobering statistic from the Social Security Administration (SSA) might be helpful: the SSA reports that a 20-year-old has a more than one-in-four chance of becoming disabled before reaching retirement. Social Security Disability Insurance (SSDI) is part of the social security tax you pay each year that you work. But it is difficult to qualify for, and even the SSA describes the payouts as “modest.”

Many employers cover some amount of short-term disability, but longer periods or a permanent disability typically require additional coverage. If you are self-employed or a professional with specialized training or education, such as a doctor or lawyer, getting the right disability insurance in place should be a part of our overall risk management plan.

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