Myth #3 – Workers Comp Would Pay Me

If you are injured on your job, workers compensation insurance would cover your medical bills and a portion of your lost income. Most states require employers to purchase workers comp to cover such instances. However, as only 10% of disabilities are work-related, if you become disabled outside of work, you will not be covered.

A group or individual disability insurance policy typically covers approximately 60% of your income if, due to illness or injury, you are not able to perform the usual and customary duties of your occupation. For example, if you are injured while skiing and couldn’t work, you would not be covered under your workers comp policy, but you would be covered by an individual disability policy.

If you don’t have long term disability insurance, your income is at risk. Protect it with a good individual disability policy.