Disability insurance provides some monthly income in the event that you are unable to work because of an accident, injury or other medically related condition that makes it impossible to perform your job. Some disabilities, like pregnancy or a broken bone, may result in a short amount of time out of work. Others, like a heart condition, stroke or a disease that impairs your mobility or thought processes, may result in your being out of work for a long period of time – or even the rest of your life.

The type of policy you choose determines how much you will receive each month, and for what period of time you will receive it. A long-term disability can have an enormous impact on your financial situation, so insuring against that risk is advisable for most people. On the other hand, the cost of insurance to cover short-term disabilities is usually greater than the amount of lost income, so is not recommended in most cases.

Group disability insurance is sometimes offered by employers, unions and other associations, but the coverage they provide varies widely and is seldom sufficient to provide complete protection.

We recommend that you consider the impact of disability on your livelihood versus the cost of disability insurance that appropriately protects you and your family.

Most people’s needs for health, life and disability insurance will change several times over the course of a lifetime. Needs are generally greatest during the child-rearing years, to ensure that all family members receive the medical care they need and are protected against huge bills or loss of income. Retirees may need complete health insurance coverage before they become Medicare-eligible, and supplemental insurance once they receive Medicare. Family circumstances will determine life insurance needs: for instance, whether a surviving spouse will have enough money to live on, or whether there are other dependents who need to be cared for.

At Sprague, our insurance professionals are skilled at helping you analyze your particular needs and recommend policies to meet them. We also make a point of contacting you periodically to discuss any changes in your life that may result in changing insurance needs.