Long Term Disability Insurance: Is it worth it?
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Tuesday, September 5, 2017

There are so many financial demands made on us these days that people tend to be ready to cut costs when they deem an expense unnecessary.  Unfortunately, life insurance, long term care insurance, and long term disability insurance can be one of the first expenses to cut back on when trying to reevaluate a budget.  The challenge is, these truly are not an expense, but rather an investment in your family’s future financial security.

Let’s take a look at Long Term Disability insurance.  It is true that you may never become disabled.   It’s also true that a large percent of the American population will at some point suffer from a disability that keeps them from pursing their active income.  A lot of people are under the impression that if they become disabled due to a work related injury, worker’s comp and liability lawsuit will protect them.  Or that if they’re in an auto accident the insurance policy will cover them.  Maybe you believe that health insurance and medical leave will protect you during a critical illness.  None of these beliefs are false.  However, most people don’t understand the sheer magnitude of income that is tied up in a disabling accident or critical illness.

If you were to be injured today and lose your capacity to work full time for an extended period of time, perhaps two years, how much would you need to covers yours and your family’s expenses?  If you don’t have your steady stream of income, how is your financial stability provided? 

Lawsuits and insurance are in place to protect you to a degree.  Initial loss of wages and medical reimbursement can be available.  However, when someone purchases an insurance policy, it always has a limit.  Your visits to the hospital, specialists, physical therapists don’t necessarily stop being vital to your recovery at a magical price point.  Your bills won’t stop due to disability.  Your family’s financial needs won’t stop either.  The only thing that will is the amount of money allotted.

The positive news to this is that there are policies designed to specifically protect you should these instances ever arise in your life.  A minimal investment toward a Long Term Disability policy while in your active working years could prove to be the most worthwhile investment of your life. I encourage you to seek out an insurance quote or at least talk to a financial advisor or insurance agent that can help you understand how a long term disability could protect your family.  Contact us today at 877-428-1107 if you have questions or want to speak to someone regarding your family’s protection.


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