Mellody's Mail: Disability Insurance

Coverage for your "own occupation" versus "any occupation": If disability coverage is specifically for your current occupation, you are considered disabled if you cannot perform the functions related only to your job. Conversely, if your coverage is for any occupation, you would not qualify for benefits until your have been declared unable to work at any job.

In addition to these factors, when seeking individual coverage, you may want to consider a guaranteed renewable policy or non-cancelable policy. These two types of policies ensure that once you have been approved, the insurance company cannot cancel your coverage, unless they stop covering your job category altogether. There is one important distinction between the two policies -- your rates can be raised with a guaranteed renewable policy, but with a non-cancelable policy, they cannot. The downside to these types of policies is the premiums tend to be higher.

E-mail Mellody with your personal finance questions.

Mellody Hobson, president of Ariel Capital Management (arielmutualfunds.com) in Chicago, is "Good Morning America's" personal finance expert. Ariel associates Matthew Yale and Aimee Daley contributed to this report.