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There are two types of disability insurance. Each time you receive a paycheck, you will see a deduction for FICA. This is the federal disability insurance program that is under the umbrella of the Social Security Administration. The other type of disability insurance is private, and you can choose to purchase this type of insurance if you are not eligible for Social Security or you wish to supplement the rest of your income if you were to become disabled.


What Is Disability Insurance for?

Disability insurance is designed to supplement your income in the event that you become temporarily or permanently disabled and unable to work. For example, if you were in a car accident and had severe injuries that left you unable to do your job for more than six months, the disability insurance would pay out to you according to the plan specifics. If you become disabled due to a condition expected to persist, such as Parkinson's disease, disability insurance could cover your lost income. It would also pay for your living expenses, such as utilities.


How Much Does Disability Insurance Cost?

The cost of a disability insurance policy depends on your age, health, family history and the amount of coverage that you want. If you choose to pair your disability insurance policy with the same Jacksonville insurance agency that you already have a life, homeowner's, auto or flood insurance policy with, the bundling of the insurance plans could help you save on the cost of the premiums.


Who Should Get Disability Insurance?

A disability could happen to anyone at any time. If you have any dependents, such as children or a stay-at-home spouse, disability insurance could be a critical source of income. You might also consider disability insurance if you simply want the peace of mind that comes from knowing you will still be able to pay your mortgage or rent and put food on the table in case you are no longer able to work. With these answers about disability insurance, you can work with your insurance agency to select the best plan for disability, home insurance and all of your other insurance needs.

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