When you first get married, looking toward the future is a common part of the equation. However, most couples focus on positives. These include things like saving up for a new home or a child. The thing is, it’s also critical to make sure you are safeguarding yourselves against the unexpected. Which includes a sudden disability. If you’re wondering why disability insurance is a must for newlyweds. Here’s what you need to know.
What Disability Insurance Is and What It Provides
Disability insurance is a policy that provides you with a source of income should you become suddenly injured or severely ill and unable to work. Usually, it doesn’t include the full value of your salary. However, it can replace a substantial amount of your earnings.
Usually, disability insurance is broken into two categories: short-term and long-term. Short-term disability insurance goes into effect right after a qualifying incident occurs, giving you a quick infusion of money just as you need it. With long-term policies, there can be a delay in when they start. However, once they kick in, they can provide you with financial support for several years, depending on the policy.
It’s important to note that what’s considered a qualifying condition is usually far broader than people expect. While it includes catastrophic injuries and illnesses, including damage caused by strokes, paralysis after car accidents, and similar events, other situations are also covered. For example, it may cover severe depression. Complicated pregnancies that require bed rest may qualify, too, as well as many other conditions.
Typically, if a health issue prevents a person from performing the duties associated with their job, disability insurance could kick in, providing them with a critical financial safety net.
Why Newlyweds Need Disability Insurance
If you’re a younger couple. The idea that one of you could become disabled may seem farfetched. However, accidents and illnesses can happen at any time. Plus, many people aren’t aware that they have a concerning medical condition until it leads to symptoms. Thus, catching them off-guard.
Regardless of your ages. Disability insurance gives you financial protection against the unexpected. As a result, it’s a wise option for all couples.
However, disability insurance could be crucial in specific situations. For example, if you don’t have ample savings to cover a period of income loss, disability insurance might be your best bet for ensuring your financial well-being. Similarly, if your household couldn’t run without two incomes, it’s a critical safety net.
Usually, disability insurance rates are fairly low, particularly if you’re younger and in good health. It’s also important to note that getting disability insurance after a qualifying incident starts usually isn’t an option. If you want the protection, you need to arrange for it before a potentially disqualifying incident occurs, ensuring you can secure the coverage you need.
Where to Get Disability Insurance
Generally speaking, there are two main ways to get disability insurance. First, many employers offer it as a benefit. If that’s the case. Then you may already have some coverage in place automatically or might have the option of purchasing it through your company. Review your employee benefits information or reach out to your human resources department to see if any is in place or if they have a program for adding coverage.
Second, you can get disability insurance on your own. There are numerous companies that offer this kind of coverage. Although, each with its own benefits and drawbacks. If you’re going this route. You should spend time doing your research. Check out reviews from those who’ve had to use the coverage to see which companies are easy to work with should you need to use the insurance. Additionally, compare costs, timeframes for coverage to begin, and other details. That way, you’ll know what kind of support the policy offers.
In either case, you may need to look at short- and long-term disability insurance policies. Most policies address only one of the two scenarios, so you might need to get one for each situation if you want comprehensive coverage.
Ultimately, it takes some time and effort to hammer out the details, but it’s worth doing. Then, if the something unfortunate happens, you’ll have some financial protection.
Do you think that disability insurance is essential for newlyweds? Why or why not? If you decided to forgo disability insurance, what’s your primary reason? Did you end up regretting that choice? Share your thoughts in the comments below.
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