Why Do I Need Disability Insurance if I Have Worker’s Compensation?
Have you ever thought about what would happen if you were to get injured or too sick to work?
A common misconception is that if you have workers’ compensation it will cover you in the event that the unexpected happens. But what happens if the unexpected happens when you aren’t at work?
Worker’s compensation benefits are provided to you when you are injured at work and they are provided by your employer. Most state laws require employers to provide worker’s compensation. Other employer sponsored programs like group long term disability and social security benefits may leave you short on income.
Disability Insurance, on the other hand, covers your paycheck.
A benefit is paid if you are too sick or injured to work, regardless of where your disability takes place. A percentage of your earned income is covered. Generally speaking, benefits paid on an individually owned disability income policy are tax free.*
Protecting your income can save you from a financial catastrophe.
If you get sick or injured you want to be able to focus on your recovery, not on paying bills. Do you have enough in savings to cover all of your expenses? Most people couldn’t make it a month without a paycheck before financial difficulties set in.¹
Consider adding Disability Insurance to your insurance portfolio today. PFP | The Family Security Plan® offers coverage that will fit your lifestyle and budget. Plans are affordable and getting covered is quick and easy.
Written by Kristina Wendell
*The information provided is not intended as legal or tax advice.
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