Disability insurance refers to the insurance you take up to compensate for your financial needs if you are ever disabled. Disability Insurance covers a certain amount of your income and can help financially support you when you are unable to earn yourself. It is a tricky form of investment and there are few facts that you must keep in mind while getting disability insurance.

1. Your insurance at work may not cover you.
   Most workplaces have worker’s compensation or a group disability policy in place for their employers. The problem with this is that a worker’s compensation policy does not cover you outside of work. If you are injured, as most cases usually are, outside of the workplace then your compensation is not effective. The group disability policy covers you outside of the workplace also. But if you change your job post-disability, the payments stop.
2. More isn’t always merrier.
   If you think that buying more disability insurance policies will ensure that you can live a luxurious life then you are believing a myth. Your policy covers a percentage of your income and is capped. Hence having multiple policies actually doesn’t work in your favor. You just end up paying multiple premiums to receive the amount your income covers.
3. Disability insurance does not provide lump sum payments.
   The main aim of the disability insurance policy is to be able to compensate for your monthly income. You will not receive a one-time lump sum payment. Instead, you will be liable to receive monthly payments related to the amount you have opted for. This helps you to maintain a stable income even if you are disabled and unable to work.
4. Disability insurance payments do not start immediately.
   The payments for this policy do not start immediately. The insurance company needs to verify your claim and make sure the situation is according to the one mentioned in the policy. The decision-making process can take up to three months at least. The payments are then paid in monthly installments if the claim seems worthy to the company.
5. You can consult an insurance agent to get the best plan.
   There are various plans and schemes available for this insurance and it can be easier to navigate and understand it with the help of an insurance agent. They can even help you understand how much coverage you will require if you have a policy at work.