Replace Lost Employment Income With Long Term Disability Insurance.
Long Term Disability Insurance is likely one of the most misunderstood financial protection products available. While many people recognize that having an insurance policy covering loss of employment income in the event of extended disability is a prudent idea, many simply never get around to investing in this essential coverage. For some, it's because of a perceived lack of immediacy, or the assumption that something like that will never happen to them; others may find the different Disability Insurance Plans to be confusing.
What it boils down to is this: should you be prevented from continuing in your job because of an extended disability, will your family have sufficient income to make ends meet, let alone maintain their current quality of life? Suffering a Long Term Disability could mean years during which you have no employment-generated income to pay for things like medical expenses, your mortgage, car payments, credit cards, loans and even groceries. Without adequate Disability Income Insurance coverage, you could find yourself depleting your savings and your retirement fund just to keep from falling behind on payments. This sort of situation can put incredible financial stress on you and your family, at a time when you need to be focused on your recovery.
Picking a Disability Insurance product that suits your situation needn't be a complicated exercise. As a starting point, calculate what all of your monthly household expense are (mortgage, utilities, loans, groceries, etc…). Next determine all income that would be coming into your household other than your own, including any income from your spouse and any company-sponsored disability payments you expect to receive. The difference between your household expenses and the income you expect to receive is the amount of income that you would want to consider replacing with a Disability Insurance Plan.
Details are available online, including important specifics such as potential exclusions, any adjustment of benefit amounts for inflation, the impact of part-time work on your benefits, medical examination requirements for policy renewal and the actual definition of what is considered a disability. There are also online quote generators available, so that you can request a quote that is tailored specifically to your circumstances. Given what could be at stake, having a look at the offerings and requesting a quote is well worth a few minutes of your time. |
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