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What are the best reasons to buy individual disability insurance?

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If you don't receive disability insurance through a group policy, it may be in your best interest to purchase individual coverage. In short, disability insurance is purchased as protection in the event that you are unable to work as the result of an injury or illness.

Even if you receive group disability insurance, you still have the right to purchase an individual policy. This could come in handy should you lose your job and find yourself without the benefit in the future.

Some of the other reasons to purchase individual disability insurance coverage in California include:

-- You have a family to support. If you are unable to work, you won't be able to generate income to support your family. With disability insurance, some or all of your paycheck will be replaced until you are once again able to work.

-- You have debt. From a car payment to a mortgage, if you have debt you need income in order to satisfy it. Disability insurance could help you pay your debts if you are unable to work.

-- You work in a dangerous career field. The higher your risk of injury or illness at work, the more important it is to purchase disability insurance.

It's easy to believe that you will never be injured on the job. However, this happens to people every year. Rather than take the risk, many workers purchase some type of disability insurance.

If you have this coverage and need to make a claim, be sure you follow the necessary steps. This will help avoid a denial that could push back your timeline for receiving benefits.

Source: Financial Web, "5 Reasons to Buy Disability Insurance," accessed Feb. 22, 2016

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