Many of us rely on a job for our income. If that includes you and you find yourself unable to continue performing your job duties because of a physical ailment, disability insurance can be a godsend. It replaces a portion of the income you lose when you can’t work.
However, disability insurance comes in two distinct flavors: own-occupation (also called own-occ) and any-occupation (or any-occ) disability insurance policies. And although they may sound similar, there are some key differences in how much coverage these options offer.
What is Disability Insurance?
Let’s start with a review of what exactly disability insurance is and how it works. SoFi Money® members can benefit from our unique Vaults feature. Vaults allow you to set aside cash for specific purposes, including unplanned expenses; in fact, “Emergency Fund” is one of the first categories you’ll see listed when you create a Vault on the SoFi mobile app.
To make it even easier, you can set up a recurring transfer to move a set amount of money into your emergency fund Vault on a regular basis. It’s a lot easier to save when you don’t have to move the money yourself, and once it’s out of sight, it’s out of mind until you need it for a rainy day.
Want to learn more about the unique benefits SoFi Money members get when they sign up for our cash management platform? Check out the full details.
SoFi Money®
SoFi Money is a cash management account, which is a brokerage product, offered by SoFi Securities LLC, member FINRA / SIPC . Neither SoFi nor its affiliates is a bank.
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Source: sofi.com