What is disability income insurance?
This kind of insurance provides a monthly payment to cover living expenses if you are disabled due to injury or illness and unable to perform a job. Disability income insurance only kicks in if you are unable to perform any job, not just your current job.
Why is disability income insurance important?
Many people may not have enough income or savings to cover monthly living expenses - utilities, house and car payments, groceries - should they be unable to work. Disability insurance is important because it provides a safety net if you find yourself in this position.
Who is disability income insurance for?
Disability income insurance is a good idea if you work and your employer doesn't provide adequate disability income insurance.
However, disability income insurance is not for everyone. For instance, if you and your spouse work and you can cover living expenses on just one salary, disability income insurance may not be necessary for both of you.
Our Disability Insurance calculator can help you determine if disability insurance is right for you. Then, contact your Waddell & Reed financial advisor or search for an advisor in your area.