Robert D. Paulbeck, Attorney at Law
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Don’t count on SSDI—cover yourself with long-term disability insurance

Long-term disability can be a major upsetting factor in one’s life. One of the most concerning areas of life serious disability affects is the ability to work and continue bringing in an income. In cases of serious disability Social Security disability benefits may be available, and those who feel they may qualify and should certainly look into the matter.

Many of those who suffer with significant disabilities, though, are not going to qualify for SSDI. And even those who eventually do may have to wait for many months before they begin receiving payments. All of this is to highlight the fact that other insurance is important.

Long-term disability insurance is an invaluable resource to those who are unable to continue earning income due to disability. Most policies insure between 50 and 60 percent of one’s income. Exactly when a long-term disability policy kicks in, and how it lasts, depends on the terms.

The cost of long-term disability isn’t necessarily easy for everybody to afford—insuring 60 percent of one’s income costs about two to three percent of one’s annual income in premiums. Still, more people would do well to considering a long-term disability policy, particularly given the fact that the rate of injury of working-age Americans is not insignificant.

One of the reasons, of course, why more people do not purchase long-term disability insurance is assumption that they will be covered by Social Security if they get that bad. The reality is that they may not, and it is good for those with serious, but less than severe, disabilities to have some disability insurance coverage. 

Source: Huffington Post, “Why I Bought Long-Term Disability Insurance,” May 16, 2014. 

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