You have likely heard that you need life insurance, but you may be surprised to learn that you are much more likely to become disabled than die prematurely. I am not saying you shouldn’t insure your life, but you absolutely should be insuring your income as well.
If you could not work who would pay your bills? Short-term disability is different than long-term disability. Whether your employer pays your disability insurance premiums or you will affect how those benefits are taxed. You need to know what part of your income is covered.
As you can see disability insurance is a topic that needs to be covered in an in-depth post, and it will be, however this is just a post to make you aware that it is something you should be discussing with your CERTIFIED FINANCIAL PLANNERTM Practitioner.