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Disability insurance is super important and an overlooked risk management tool and is for everyone.
A disability can happen to anybody at any time and it can throw your finances out of whack… unless you have disability insurance.
It can be a physical impairment or even a mental health condition like depression.
There’s two types of disability insurance: short term and long term.
Short term disability typically covers 100% of your income for a certain amount of time. After that, long term disability can kick in and cover 60%.
Every disability insurance policy is different so check the fine print on yours. Disability insurance protects your income if you can no longer work.
I’ll share three ways you can obtain disability insurance:
1. Check if your job offers disability insurance (most do) and find out what the terms and conditions are and whether it’s short term or long term.
2. Get disability insurance through a private provider–make sure you shop around for the best deal.
3. Apply for Social Security Disability Insurance with the government–note they have a five-month waiting period.
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Rianka R. Dorsainvil, CFP®️ is the Co-Founder and Co-CEO of 2050 Wealth Partners a virtual, fee-only comprehensive financial planning firm dedicated to serving first-generation wealth-builders, entrepreneurs, and thriving professionals. Rianka also hosts 2050 TrailBlazers, a podcast aimed to address the lack of diversity in the financial planning profession by engaging industry experts and leaders in conversation.
As an award winning successful, millennial Certified Financial Planner professional, Rianka offers a unique perspective not only on the current state of the financial service industry, but on how to stay relevant in an ever-changing world.
Rianka serves as a member of CNBC’s Digital Financial Advisor Council and CFP Board’s Diversity Advisory Group, is a Forbes Personal Finance Contributor, and has been recognized for her accomplishments and leadership within the industry by leading publications and organizations such as Investment News’ inaugural 2017 Women to Watch Rising Star and Wealth Management’s Ten to Watch in 2018. She has been published in PBS NewsHour, Forbes, USA Today, Black Enterprise, CNBC, Women’s Health, and more.