The likelihood of missing months or even years of work due to an injury or illness may seem low, especially if you are young, healthy, and work at a desk.
However, according to the Social Security Administration, more than one in four 20-year-olds will experience a disability before reaching retirement age. Long Term disability (LTD) insurance serves as a crucial financial safety net that can protect you and your family in the event you are unable to work due to a serious illness or injury. Here are some reasons why you might need it:
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Income Protection
Without LTD insurance, if you are unable to work for an extended period due to illness or injury, you risk losing your primary source of income. LTD insurance helps replace a portion of your salary, allowing you to maintain your standard of living while you recover.
For a free legal consultation, call 800-562-9830
Peace of Mind
Having LTD coverage provides peace of mind, especially if you are the primary earner in your family. Knowing that you won’t have to deplete your savings or face financial hardship in the event of a disability can be a significant relief.
Medical Costs
Even with health insurance, the medical expenses associated with Long Term disabilities can be substantial. LTD insurance helps cover your daily living expenses, allowing you to focus on your health and recovery rather than worrying about bills.
Support During Recovery
Recovering from a serious injury or illness can take months or even years. LTD insurance ensures you receive ongoing financial support during this challenging time, alleviating the pressure and stress that come with being unable to work.
Coverage for Serious Disabilities
Many people assume they won’t become disabled, but the truth is that disabilities can affect anyone. A Long Term disability insurance policy can help cover conditions that are not addressed by workers’ compensation or other forms of insurance.
Customizable Policies
LTD insurance policies can be tailored to meet your specific needs. You can choose from various options, including the length of coverage, the percentage of your income that will be replaced, and the waiting period before benefits begin.
Supplement to Social Security
While Social Security Disability Insurance (SSDI) may provide some assistance, it often takes time to be approved, and the benefits may not be adequate for your needs. LTD insurance can act as a supplement, filling in the gaps.
Protection for Self-Employed Individuals
If you are self-employed, you do not have the benefit of employer-provided disability insurance. Having your own LTD policy can protect your income and business if you are unable to work.
Conclusion
Disabilities can occur at any time and significantly impact your financial security. Having Long Term Disability Insurance is a wise decision to safeguard yourself, your family, and your future. It ensures you have the necessary resources to maintain your quality of life with less financial strain, regardless of the challenges you may face.
While no one expects to become unable to work due to illness or injury, it’s important to know that you don’t have to face these challenges alone. If you or a loved one needs assistance with a disability claim, Marc Whitehead and Associates is here to help. Contact our National Disability Law Firm located in Houston, Texas, for a free consultation.
