As with all types of insurance, you are taking a chance that you will have paid into the policy for years and never used it. However, Long Term Disabilities occur much more often than people think, even to younger workers. Nearly half of all bankruptcies are due to becoming disabled and the resultant loss/cut in income. When you look at the financial consequences of becoming disabled, Long Term Disability Insurance is worth the cost for people who can squeeze it into their budget.
Every product purchase has a value proposition to assess. Disability insurance is no exception. Disability insurance is paycheck protection. Most American workers have 90 days in cash reserves. The odds are you will be disabled once in your working career. Depending upon your age, gender, smoking status, health history, etc., is 3 to 5% of your compensation worth it?
As with all insurance, you make the decision to self insurance and retain all the risk or you pass the risk to the insurance company in exchange for a premium.
Whether or not long term disability insurance depends on what would happen to you financial situation if you became disabled.
When cost is a concern, my recommendation is to insure against the catastrophic , that is a longer waiting period with a higher benefit.
If you have further questions, or feel that I could be of assistance, please do not hesitate to contact me.
If you would like to work with a local life insurance broker, you could start with a Google search. For example, if you search for: life insurance broker Halifax or life insurance agent Halifax, my name, along with several others, will come up. You can use the same method to find a life insurance broker in your community.
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Whether or not long term disability insurance depends on what would happen to you financial situation if you became disabled.
When cost is a concern, my recommendation is to insure against the catastrophic , that is a longer waiting period with a higher benefit.
If you have further questions, or feel that I could be of assistance, please do not hesitate to contact me.
If you would like to work with a local life insurance broker, you could start with a Google search. For example, if you search for: life insurance broker Halifax or life insurance agent Halifax, my name, along with several others, will come up. You can use the same method to find a life insurance broker in your community.