Wellman Shew believes that disability insurance is an essential financial tool that provides individuals with a safety net in the event they become unable to work due to a disability. It offers financial protection by replacing a portion of their income during the disability period. There are two main types of disability insurance that individuals can consider: short-term disability insurance and long-term disability insurance. Each type serves a different purpose and offers specific benefits tailored to the individual's needs.

Short-term disability insurance is designed to cover temporary disabilities that prevent individuals from working for a relatively short duration. This type of insurance typically provides coverage for a period ranging from a few weeks to several months, although specific terms may vary depending on the policy. Short-term disability insurance generally pays a percentage of the individual's income, usually ranging from 50% to 100%, for the duration of the disability.

Short-term disability insurance is particularly useful for covering expenses during the initial phase of a disability when an individual may be unable to work but expects to recover and return to work within a short time frame. It can help cover medical bills, household expenses, and other financial obligations during the disability period.

Long-term disability insurance provides coverage for individuals who experience a disability that extends beyond the period covered by short-term disability insurance. This type of insurance is designed to provide financial support for an extended duration, often until the individual reaches retirement age or is able to return to work.

Long-term disability insurance typically pays a predetermined percentage of the individual's income, such as 50% or 60%, to provide ongoing financial support. It helps individuals maintain their standard of living, cover medical costs, pay bills, and meet other financial obligations when they are unable to earn their regular income due to a long-term disability.

It's important to note that long-term disability insurance policies may have a waiting period before benefits kick in. This waiting period is usually a few months, during which the individual must be unable to work due to the disability.

In conclusion, disability insurance plays a crucial role in safeguarding individuals' financial well-being when they are unable to work due to a disability.