Life can be unpredictable, to say the least. We all like to believe that we have at least a modicum of control over it, but the truth is that things can take unexpected turns very easily. Are you ready to face those unexpected circumstances and challenges? Do you have the protection you need in place to weather the storms that you'll encounter?
Long-term disability insurance (also called LTD), is one of the most important forms of protection to have in order to ensure that you're able to face whatever life throws your way. This type of insurance is designed to kick in when you're unable to work due to long-term illnesses and injuries, and protects your financial present and future through regular monthly payments if you cannot work.
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Many people decide not to get a long term disability insurance, which can prove to be a huge mistake at some point in their life. There is a high probability of becoming disabled for a longer period in your working life, and if this happens, how will you support your needs? This, along with other factors underline the importance of the long term disability insurance, such as:
You need your salary to support your lifestyle
It’s enough to look at some statistics to see the importance of a long term disability insurance:
You don’t have enough savings
Statistics show that Americans don’t have enough money “under their pillow” for unfortunate events such as a long term disability. Even if they do have a savings account, it’s rarely enough to cover the expenses for the whole duration of the disability.
You Have Dependents
If you have kids, elders or other people that depend on you and your salary, losing a paycheck can be devastating for all. If you have a long term disability insurance to provide financial stability during the disability, it will give you the safety you all need to live a careless and