When disaster strikes in the form of an illness or injury, it can often render you disabled and unable to work. This may last a few weeks, a few months, a few years or the rest of your life. Long-term disability insurance is a special type of insurance coverage that can ensure you stay financially secure during such a time. However, purchasing long term disability insurance should be considered as an investment. Therefore, you need to be careful when buying.
Here are a few tips to make the search and purchase process smooth:
Don’t Rely Solely on Government Assistance
Social Security benefits are often available to those who become disabled due to an injury or illness. However, it can often take months to be approved, if you are approved at all. Therefore, long-term disability insurance is a necessary back-up plan to replace the income that you had from your job.
See If Employer Policies Are Available
Depending on the industry and the employer, you may have a disability insurance policy with your place of employment. Many employers offer both short- and long-term disability insurance to employees. Even so, you may still want your own policy to help bridge the gap between the money you receive from your employer and the money that you need to live.
It’s always better to be safe than sorry because you never know when an unexpected illness or injury can strike. You want to make sure you and your family are taken care of during a time like this and one of the best ways to do so is by purchasing long-term disability insurance.