Can I insure my income? (yes with Disability Insurance)

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Can I insure my income? (yes with Disability Insurance)

Did you know there is insurance that can pay you NOT TO WORK?

When I first heard that such a thing existed, immediately my mind went into overdrive. “Insurance that will pay me NOT to work”. There must be a catch.

You see, previously I had heard about this other thing called life insurance. As it turns out you had to die to collect, and that wasn’t for me. But this new stuff would pay me not to work, and I didn’t have to take a dirt nap.

It is called disability insurance, and it will make payments directly to you if you can’t work due to a disability. This had promise, I thought. People after all have referred to me as having a multitude of disabilities. Seems none of those qualified however.

So, I started doing some more research. Seems disability insurance can be tied into something called “significant gainful activity”. It’s referred to as SGA in the business. Anyway, if I have disability insurance and I have “…an impairment, either medical, psychological, or psychiatric in nature” that keeps me from being able to do substantial gainful activity, than I am sitting pretty. Of course I would have to check to see if "sitting pretty" is a gainful activity.

My mind was spinning again. Which one should I choose?

Medical? “Sounds uncomfortable” I thought.

Psychological? No, I can’t wrap my brain around that one.

Psychiatric? “Hmmm, this has potential.” I said aloud. I quickly looked around to see who was paying attention to me, but they disappeared.

“Naw, they would never go for it.”