You need them in case you are unable to work due to an accident, illness, or even pregnancy.
Most people do not think that becoming disabled, even temporarily, can happen to them.
In reality, no one can predict the future, but they can make provisions for it.
Not being able to go to work for long periods of time can be devastating to finances, and can deplete a savings account so fast it will astound you.
All this can be avoided by taking out some short term and long term disability from your employer, or an individual insurance agent.
Short term disability will pay lost wages somewhere between 50 to 70 percent, and runs from 10 to 26 weeks.
Although this is not a long term solution, short term disability must be used up before long term disability can start, in most cases.
The amount is below normal wages, but will probably be just the financial boost you need to keep you going until you can return to work.
Even if you get hurt on the job, workers compensation insurance only pays a percentage of your wages, so this type of payment is what you can expect with injuries on, or off the job.
When choosing long term disability there are more things to consider.
How long before benefits start, length of coverage, or extent of disability to name a few.
Long term disability plans are not expensive and something you should really consider having.
You may be able to make it for two or three months, without short term disability, but if you are off work a year the outcome could be a lot different.
If you take out disability insurance through an employer you are usually required to work at least 30 hours per week to quality.
The premiums are either taken out of your paycheck, or paid for by the employer.
For individual policies, you will need an agent to set this up for you, and you will be responsible for the premiums.
Also individual polices can be purchased as "non-cancel" or "guaranteed renewable".
With the non-cancel policy, the person applying will have to take a medical exam.
This is a good thing because the insurer can't raise your rates, or cancel the policy.
Don't let another day go by without knowing your future is secure, in case of a long illness or injury.
Find out more about short term and long term disability as soon as possible.
It could be the best decision you have ever made.