Not everybody realizes the risks that a disability poses, as it’s actually fairly likely that you will encounter one at some point in your life. Whether long term or short term, on average about one in 5 people will be disabled at one time or another during the course of their lives. This can range from just the temporary incidents that can be recovered from pretty quickly and easily. But you will also find that there are more long term injuries as well which can wreak havoc. That’s why it can become prudent to consider long term disability insurance in your time of need.
This is insurance that’s really designed to help you out when you’re having a major health issue that’s keeping you out of work. You wouldn’t really believe just how common these are, and you’re going to find that you can be a victim of a disability at any time. That’s because a disability is just defined as any injury that prevents you from working, whether it’s a broken arm, or a major debilitating injury. With long term disability insurance, you can be sure that you’re able to get the benefits that you need throughout your life. Here are 6 great reasons that this type of insurance is definitely for you:
1) Long term disability insurance helps you pay your bills.
When you have a disability you’re not able to work, and that means that you’re not able to earn a living to pay your rent, as well as your utilities, even your car payment. But with insurance, you can ensure that you’re able to get at least some of the pay that you would get. This way, you’re able to acquire anywhere from 50% to 75% of your salary, so that you can be sure you’re still getting enough to live off of, and to cover your daily expenses.
2) Short term insurance can run out much too fast.
While most disabilities start out in the short term category, that really only lasts for a term of around 6 months to one year. What are you supposed to do when your insurance needs extend far beyond this? With long term disability insurance benefits, instead you’re able to extend that to 2 years, 5 years, or if needed even until the time you turn 65 and switch over to SSI benefits.
3) In most cases plans are quite affordable.
Something else that you’re going to find, is that most plans are quite affordable. The problem that so many people have in their minds is that long term disability insurance is just too expensive to be able to cope with. But you will find that the vast majority of plans only cost around $200 annually, which makes them extremely affordable when you consider how invaluable they could be down the line.
4) In most cases you’re still able to hold down a second job to help cover expenses.
Let’s say that you have a disability, but the insurance money that you’ll get is not enough to cover expenses. For example, if you made $40,000 before the accident you would only be looking at around $20,000 to $25,000 in most cases and that’s just not enough to live on comparably. That’s why finding a job that can pay you within the allowable parameters for keeping your disability is so important. In most cases you can get a job that pays you anywhere from $8,000 to slightly above per year, to help cope with the injury.
5) Employer provided plans can ensure you get more affordable coverage.
Many employers actually offer this service, which means that they take care of a portion of the long term disability insurance cost that you would incur. That can be really important, so that you can make the benefits that much more affordable in the end.
6) Even buying your own coverage gives you plenty of options for comparing plans.
When you’re shopping for insurance on your own, you’re going to find that you’re always in the driver’s seat. That means comparing companies so that you can find the long term disability insurance providers that offer you the best benefits at the best price. This way, you can even things out so that you’re paying the lowest amount of money, in addition to getting the most amount of money back in the end.