What is disability insurance?
Your ability to earn is your biggest asset. Disability insurance protects your paycheck if illness or injury keeps you from working.
Most people insure their car and home, but forget to insure the thing that pays for both: their income. Disability insurance replaces part of your paycheck if an illness or injury keeps you from working — and a disabling event is more common than many expect during a career.
Short-term vs. long-term
- Short-term disability: replaces income for a few weeks up to several months — covering recoveries like surgery or childbirth.
- Long-term disability: kicks in after short-term ends and can pay for years, or until retirement, for serious conditions.
How it works
After a waiting period (the 'elimination period'), the policy pays a percentage of your income — often around 60% — while you're unable to work, based on the policy's definition of disability. Benefits and definitions vary, so the fine print matters.
Who needs it
If you rely on your income and don't have years of expenses saved, disability coverage is worth a hard look — especially for the self-employed, who have no employer plan to fall back on. Some people have basic coverage through work; supplementing it can fill the gap between that and your actual expenses.
Frequently asked questions
If you depend on your income and couldn't cover your bills for an extended period without it, yes — it protects your most valuable asset, your ability to earn. It's especially important for the self-employed with no employer coverage.
Short-term covers a few weeks to months for temporary conditions; long-term begins after short-term ends and can pay for years or until retirement for serious, lasting disabilities.
Typically around 60% of your income (varies by policy), after an elimination period, while you're unable to work per the policy's definition of disability.
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