Protecting Your Income With Long Term Disability Insurance

In 2004, there were more than 32 million disabled adults, according to the U.S. Census Bureau.  That’s approximately ten percent of the U.S. population.  What would you do if you suddenly became disabled and lost your income? Do you have the financial resources to continue to pay your bills until you retire?
The financial impact for individuals who cannot work due to an illness or injury and do not have disability insurance can be staggering.  A recent study found the cost of becoming disabled to be 20 times a person’s annual salary.  Furthermore, with the current economic conditions, many Americans do not have enough savings and investments to rely on should they be unable to work as a result of an illness or injury. 

However, by obtaining private disability insurance you can reduce the financial impact by up to 80%. When combined with government disability insurance programs you can shield up to 95% of those costs.  When you have insurance that covers most of the expenses you eliminate not only the financial burden, but also the emotional hardship.  With the financial hardship removed you are better able to focus on your rehabilitation.  Without private disability insurance you may need to sell your home, car and other assets.  In fact, people that are suddenly faced with a disability and loss of income have lost their homes to foreclosure. 

When you think of all of the costs associated with not being able to work, obtaining disability insurance to protect your income seems to be a very wise and inexpensive thing to do.  When you sit down and think about your monetary resources, you have to evaluate what-if scenarios.  We don’t like to think about these types of things, but you have to understand that they don’t always happen to somebody else.  When you plan for the worse-case scenario you are better off when something unexpected happens.  If it doesn’t happen you are able to enjoy peace of mind knowing that if something did happen you were fully protected.   

Like other forms of insurance, disability insurance has limitations.  It is important for you to understand the limits of your specific policy to ensure that you do not have too much or too little insurance.  You also want to know how your policy defines “disability” and whether you are covered for short term and or long term disability.  Finally, make sure you understand how to file a claim and how long you will need to wait before you get your first disability check.

Get a disability insurance quote to protect your income today or visit Discount Insurance Marketplace for more information.