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What is disability insurance?

If you become sick or injured and cannot work, disability insurance replaces about 60% of your gross income — which generally amounts to your actual take-home pay. Since health insurance only covers your medical procedures and recovery, a disability policy is a necessary supplement to pay for your everyday bills and expenses.

It’s crucial that anyone who relies on an income for their everyday expenses gets a disability plan — getting coverage safeguards you against the risk of missing payments on your mortgage, utilities, and other bills.

→ Read more about how disability insurance works

Choosing your best disability insurance company

The best disability insurance company for you largely depends on the policy costs and your individual situation, including your occupation. Some insurance companies are better for certain professions than others, offering the best prices or most flexible options, while others may not offer you affordable rates.

Getting disability quotes from multiple companies is the best way to find the right insurer who will offer you the most affordable rates — and when it comes to getting you the best coverage, Policygenius has got your back. Our agents will work with you for free to find you a disability policy that suits your needs at the most competitive price.

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What are the two main types of disability insurance?

The two types of disability insurance are short-term disability insurance and long-term disability insurance. The biggest difference between the two products is how long they last.

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Private short-term policies are available from our partner LifePreserve, but short-term disability insurance is usually the most cost-effective through an employer. Long-term disability plans are typically bought through a broker and offer the most comprehensive coverage.

Alternatives to disability insurance

If you decide that disability insurance isn’t for you, there are some substitutes that provide some level of financial coverage:

• Social Security disability insurance (SSDI)

• Self-funding via an emergency fund

• Workers' comp

• Relying on friends and family for financial support

However, these are imperfect options that may not be feasible for covering the cost of a long-term disability. For example, Social Security disability insurance is difficult to qualify for — to get benefits, you must prove that you cannot work in any job. Additionally, the benefits offered are usually too low for most people’s needs.

Meanwhile, workers’ compensation only pays out if you are injured on the job, but a majority of disabilities occur outside of the workplace. Purchasing a standalone long-term disability insurance plan is the best way to ensure you don’t lose your income if you become disabled.