Title: 5 times long-term disability insurance makes sense | Haven Life
Headings: 5 times long-term disability insurance makes sense
5 times long-term disability insurance makes sense
A financial professional’s take on when it might make sense to consider purchasing long-term disability insurance.
1: You’re a working parent
2: You have a spouse dependent on your income
Warning...
3: You own a business
4: You have access to group coverage
5: You have no coverage (or no protection outside of insurance)
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Deciding if disability insurance is right for you
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Content: Even if your spouse is currently employed, or could feasibly find work if you suffered a long-term disability, disability insurance could help cover unexpected expenses or help meet your financial needs until he or she is able to find additional income for your family. Warning...
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3: You own a business
As a business owner, you wear a lot of hats in a given day. The success of your business may depend on your ability to show up, put in the hours, and do high-quality work. If that ability is taken away for the long-term, it’s possible that your business would suffer, or even fail. This would obviously be detrimental to your personal finances, but it could also have a negative impact on your employees. Finding a coverage option that works for you as a small business owner might feel overwhelming, but it’s absolutely necessary to protect you, your family, and your employees. Knowing what type of disability income insurance coverage to look for is key. Whether you own a business, or not, there are typically two types: