What is Disability Insurance and who needs it?

A. Disability insurance is a form of insurance designed to protect earned income that would cease in the event of disability. Most employees in New York State are covered by Workers Compensation for occupational related disabilities and New York State DBL for non-occupational disabilities. There are some exceptions. Self employed individuals and especially those with higher incomes generally need to purchase their own disability insurance. In addition, many municipal employees need to purchase disability coverage if they are not covered by NYS DBL. Most people believe they would be covered by Social Security disability in the event they were disabled. Even if they qualify, it does not protect them until after they have been disabled for more than six months with a disability that is expected to last beyond one year. It is important every few years to review what benefits are available to you from all sources to replace earned income in the event you become disabled. If you would like f ... more

A. Disability insurance is a form of insurance designed to protect earned income that would cease in the event of disability. Most employees in New York State are covered by Workers Compensation for occupational related disabilities and New York State DBL for non-occupational disabilities. There are some exceptions. Self employed individuals and especially those with higher incomes generally need to purchase their own disability insurance. In addition, many municipal employees need to purchase disability coverage if they are not covered by NYS DBL. Most people believe they would be covered by Social Security disability in the event they were disabled. Even if they qualify, it does not protect them until after they have been disabled for more than six months with a disability that is expected to last beyond one year. It is important every few years to review what benefits are available to you from all sources to replace earned income in the event you become disabled. ... more