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Individual disability insurance: Compare the cost to the benefits

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When it comes time to consider the purchase of an individual disability insurance policy, some details deserve more attention than others. In general, you need to compare the cost of coverage against the benefits. In other words, answer this question: Are you willing to pay for what you get in return?

Before you do anything, before you consider the cost, determine if you truly need an individual disability insurance policy. If you receive coverage through work, you may not want to consider a policy at this time.

But here is what you need to remember: If you become disabled, you may not be able to generate any income for you and your family. If you don't have individual disability insurance, this puts you in a bad position.

Why should you consider a policy right now? There are many answers to this question, but most people realize that they need coverage to replace income in the event of an injury or illness that keeps them out of work. In other words, you purchase a policy to protect yourself and income.

Once you compare the cost of individual disability insurance to the benefits, you will find yourself in position to make an informed and confident decision. You may realize that buying a policy is in your best interest. You may also realize you can put this off for the time being.

No matter what, if you need to make an individual disability insurance claim, make sure you get a fair shake from your provider. You should never miss out on benefits that are owed to you.

Source: AARP, "Do You Need Disability Insurance?," accessed Oct. 05, 2015

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