Group disability coverage through work and Social Security are the most obvious sources of coverage for those without individual disability income insurance. But a host of other programs may also contribute toward your income in the event that an illness or injury leaves you unable to work. These include:
- Workers' compensation benefits, if you suffer an accident at work or an illness that results from your employment.
- Veterans Administration pension disability benefits for eligible veterans.
- Civil service disability pay for federal or state government workers.
- Black lung program for miners.
- State vocational rehabilitation programs.
- Group union disability coverage.
- Automobile insurance, if disability results from an auto accident.
- Private insurance, such as credit disability income insurance, that makes monthly loan payments when you are disabled.
- The benefits from a rider on a life insurance policy which waives the premium or charges on life insurance while disabled
- Supplemental Security Income (SSI) for persons with low incomes and limited assets.
- Medicaid, also for persons with low incomes and limited assets.
The availability and extent of these and other programs vary widely. But, because one or more may be an important source of income should you become disabled, it's important to determine whether you are eligible. If you are, you should also find out how long benefits will be paid. And, of course, your own resources -- the savings you've put aside over the years -- are another valuable source of income.
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