Social Security includes a disability feature, but you’re considered disabled only if you can’t perform any work. You must wait for at least five months to initiate benefits and the amount you will receive will likely be less than half your income.
Disability insurance comes in two primary forms:
Long-term disability insurance generally kicks in after the first six months of disability and typically pays benefits until age 65. Employer-sponsored, long-term disability insurance may provide own-occupation coverage for a period of up to two years. At the end of that two-year period of time, or in most cases from day one of your disability, the disability insurance policy pays benefits only if you’re unable to do any meaningful work that you’re reasonably trained to do. Insurance that guarantees to pay if you’re unable to perform the duties of your occupation is substantially more expensive than a policy that guarantees to pay benefits if you’re unable to work at all.