In a move to bolster financial security, the Tennessee Department of Commerce and Insurance (TDCI) is spotlighting the importance of disability insurance during May. This comes as a reminder to state residents to safeguard their income against unforeseen illness or injuries.
Disability insurance aims to replace a part of your earnings when you are unable to work, ensuring that life's bills can still be paid. The TDCI has stepped up to raise awareness, stressing that not having such insurance could quickly deplete savings in the event of illness or injury. "Disability insurance is an often-overlooked line of insurance, but it can provide significant benefits to policyholders at a time of great need," Bill Huddleston, Assistant Commissioner for Insurance at TDCI, told the agency.
The two main types of coverage include short- and long-term disability insurance. Short-term policies typically begin covering a portion of a person's income quickly after they’re disabled and last for several months. Long-term options start to pay out after about six months and can continue to provide financial support for many years, or even until the retirement age.
Tennesseans can access disability insurance either through employer-sponsored benefits or by purchasing policies individually. For those looking to quickly learn more about their options, the TDCI advises to reach out directly to the agency. In his statement, Huddleston highlighted, "Disability insurance protects a policyholder by providing financial assistance that can help cover the cost of expenses such as food, mortgages, or tuition that might be difficult to afford if the policyholder were to lose his/her ability to earn a living."
To get more information on disability insurance, interested Tennesseans can contact the TDCI Consumer Insurance Services Team at (615) 741-2218 or 1-800-342-4029. With the right coverage, state residents can ensure that their financial bases are covered, even if disability strikes unexpectedly.
