Importance of Long Term Disability Insurance

Although long term disability insurance does come with its costs, it’s one of the best decisions you can make in your life, not only for yourself but for your close ones as well. It brings some invaluable benefits for you and your family, both financially and emotionally, some of the most important ones being:

-        It provides financial stability for you and your family

-        It guarantees you a monthly source of income if you’re unable to produce one by working

-        You will be able to cover your regular monthly utilities, rent, groceries or debt payments

-        It allows you to take the time to heal and recover from your injury without worrying about finances

-        Minimizes the risk of you falling into major debt as a result of lack of finances

-        You won’t need to purchase additional disability insurance policies to protect your income

-        If you buy your long-term disability insurance through group coverage, it will be more affordable

When you take into consideration the following statistics, long term disability insurance becomes that much more important:

-        61% of workers have been disabled for 3 months or longer than 3 months

-        1 of 8 workers will be disabled for 5 or more years during their working life

-        65% of working Americans consider they wouldn’t be able to cover their living expenses even for a year if they became disabled

-        The average individual disability lasts for 31.6 months