Do I Need Long Term Disability Income Insurance?

No one ever wants to imagine that a devastating illness or injury could prevent them from working for any extended time, but according to the National Association of Insurance Commissioners (NAIC,) the reality as the Social Security Administration statistics show, one out-of-four 20 year-old today may become disabled before they reach retirement. U.S. Census bureau figures show that only 31 percent of Americans working in private industry have long term disability income insurance.

Why Have Long-Term Disability Income Insurance?

The Consumer Federation of America explains that long term disability insurance is just that – insurance to help you cover your essential living costs for the time you’re unable to work. Having a safety net that protects your salary by giving you cash to pay your necessary expenses like:

  • rent or a mortgage

  • food

  • utilities

  • car payments

Knowing that your disability income insurance will pay for these and other necessities can be a huge relief for anyone who suffers from a disabling injury or illness.

That security can pay for modifications to your home, if they are needed, help with daily activities like bathing and dressing, or cover expenses not paid by your health insurance policy. Without this extremely important financial buffer, you could easily use up all your savings, not to mention, face financial ruin. No one should discount the possibility that someday, they may need long term disability income insurance protection.

Figuring Out How Much Coverage You Need

As your independent agent serving the Green Valley, Sahuarita, and Tucson, AZ areas, we want to help you find the best long term disability insurance policy for your needs. Most long-term disability income insurance plans start paying benefits six months after you become disabled, and continue to pay you for anywhere from several years, or all the way to retirement.

We need to look at exactly how much money you’d need to cover your necessary bills and incidental expenses. We will add up all your monthly expenses and compare that with your income and any disability insurance you’d get from your employer. Then we add in money you have from savings and investments. We don’t want to overlook the possibility that your disability could add more expenses if you have to pay for medical costs not covered by insurance and other things.

Don’t take risks on your financial security and your family’s well-being. Contact us to talk about your options for long term disability income insurance. We’re here to help you compare prices and policies, and to make sure you find the best option for your needs.