You need long term disability insurance if your loss of income would cause devastation for you or your family. Becoming disabled for a long period of time (months to years) is not uncommon, and most people rely on their full paycheck to live their current lifestyle. Disability Insurance does not replace the full paycheck, but it provides enough to get most people by until they are back to work without having to lose their home or other great hardship.
Long term disability insurance pays you a large portion of your paycheck if you are unable to work due to a long term illness or injury. If you or your dependents rely on your paycheck to pay essential bills, and do not have enough in savings to tide you over for over 6 months, you have a need for long term disability insurance. A long term DI policy can provide income to you for many years, even a lifetime.
Becoming disabled, either temporarily or permanently, is a much more common an occurrence than most people think. Having long term disability insurance can protect you and your family from some of the trauma, if such a misfortune should happen to you.
The reason for purchasing long term disability insurance is to "hedge your bet" against your most valuable asset. Most people's most valuable asset is their ability to earn a living. If you are independently wealthy or have a lifetime residual income you need long term disability insurance. Just statistically speaking you are 8 times more likely to become disabled than you are to die. Almost 90% of long term disabilities are due to an illness not injury. Be sure your policy covers both.
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Becoming disabled, either temporarily or permanently, is a much more common an occurrence than most people think. Having long term disability insurance can protect you and your family from some of the trauma, if such a misfortune should happen to you.