NASHVILLE – In recognition of May as Disability Insurance Awareness Month, the Tennessee Department of Commerce and Insurance (TDCI) is urging all Tennesseans to consider the importance of protecting their income through disability insurance.
Disability insurance serves as a safety net for individuals who are unable to work due to illness or injury, replacing a portion of their income during such times. Without this coverage, individuals facing even short-term health issues may quickly deplete their savings without a means to replace their lost income.
Latest TN News
“Disability insurance is an often-overlooked line of insurance, but it can provide significant benefits to policyholders at a time of great need,” said TDCI Assistant Commissioner for Insurance Bill Huddleston. “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.”
There are two primary types of disability insurance: short-term and long-term. Short-term disability insurance typically covers a portion of a policyholder’s salary for three to six months. Long-term disability insurance generally begins six months after the onset of the disability and can extend for years or until retirement age.
Disability insurance and other income protection products can be acquired through employer-sponsored benefits or purchased individually. Employers play a crucial role in providing access to these benefits, but individuals also have the option to secure such insurance independently.
Those interested in learning more about disability insurance can reach out to TDCI’s Consumer Insurance Services Team by calling (615) 741-2218 or 1-800-342-4029.
For further information, visit the TDCI website.
Source: Read Original Release
Importance of Flood Insurance in Tennessee
Tennessee officials, following recent tornadoes and historic floods, are urging residents to consider flood insurance as traditional homeowners’ policies do not cover flood damages, stressing the importance of understanding flood risks and misconceptions about coverage.