Who needs long term disability insurance? Anyone who has an income that is relied upon for life's essentials.
In my work as impaired risk specialist for insurance products, I hear from many, many persons who have had to go on Social Security Disability due to a chronic illness or injury. What is shocking is the broad range of former occupations they held. Doctors and farm owners end up in the same financial situation as dishwashers and field workers.
The chances of becoming disabled are too high and the consequences of becoming disabled are too harsh. For that reason, most people need Long Term Disability Insurance.
Social Media Strategist, Disability Insurance Services, California
Any person who is dependent on an income needs disability insurance. DI protects your income in case you can no longer work due to a sickness or injury. It allows you to stay financially afloat by covering whatever you need, from bills, your mortgage, co-pays, etc. The average person only has 90 days of cash reserves, yet the average long term disability claim is 31.2 months...a lot more than what the average person has on hand!
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In my work as impaired risk specialist for insurance products, I hear from many, many persons who have had to go on Social Security Disability due to a chronic illness or injury. What is shocking is the broad range of former occupations they held. Doctors and farm owners end up in the same financial situation as dishwashers and field workers.
The chances of becoming disabled are too high and the consequences of becoming disabled are too harsh. For that reason, most people need Long Term Disability Insurance.