Most accidents around the home or workplace are a painful but short-term inconvenience.
Once the hospital bills are paid, you are soon able to return to work and get back to your usual income.
However, would you be able to keep up with expenses should your accident be responsible for a long-term disability?
Long-term disabilities almost always create financial challenges because of the extended absences from paid work that accompanies them.
A long-standing disability insurance policy will cover a portion of your income during those times when you are unable to work.
How Long Can You Stay on Long Term Disability Insurance?
Long-term disability insurance kicks in once your short-term insurance expires and usually covers a portion of your income from 50 to 60 percent, depending on the policy.
The policy will stay in effect until you can return to work or the numbers of years which are stated in the policy.
What Illnesses are Covered Under Long Term Disability?
There are many situations in life which can cause long-term disability.
You may not be able to control what happens to you, but you do have a lot of control over how the conditions can financially affect you and your family
A few of the more common conditions which are covered by long-term disability insurance include cancer, multiple sclerosis, back injuries, neurological disorders, senses and speech issues, and cardiovascular diseases.
There are many others, so you will need to consider your options when you acquire your policy.
What Does Long Term Disability Cost?
The coverage you receive in your long-term disability insurance will depend on what’s included in your policy, and how much income you will require should you find yourself in need of financial assistance.
For an annual salary of $50,000, the yearly investment into your policy will average around $60 – $125 a month.
If you take the time to compare quotes you can easily shave a few hundred dollars off your insurance costs every year.
Should you Get Long Term Disability Insurance?
Sadly, the odds are stacked against us.
Tragedy can and does strike without prejudice at any time and without warning.
At a moment’s notice, you could find yourself unable to work for an extended period.
Without adequate insurance coverage most Americans will be up against the wall within in six-months – often the timeframe is even less than that.
So, the best way to determine if you should get long-term disability insurance is to ask yourself if you could pay your bills for an indefinite period should you not be able to earn an income?
If the answer is no, then it’s very likely that you need some type of coverage.
Statistically, almost 75% of Americans will find themselves in financially challenging situations due to loss of income, and over 30% of workers entering the workforce today will become disabled before reaching retirement age.
Currently, nearly 7 million workers are receiving Social Security disability benefits, but the monthly paycheck from social security is hardly enough to make ends meet.
Many workers have cover supplied by their employer, but it’s still a good idea to check the policy and find out how much it’s worth in terms of income replacement.
In a lot of cases, work supplied policies may need to be topped up with a personal long-term disability policy to ensure an adequate is received at a time when it is needed the most.
Here’s Your Next Step
Do you want protection and peace of mind in the unfortunate case of a long term disability?
We compare the top policies to find the best protection for you at the lowest cost.
It doesn’t cost you anything extra than going directly to the insurance provider.
Click here for your long term disability insurance policy quote.
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