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)
What impacts the cost of disability insurance?
Deciding if disability insurance is right for you
Life insurance needs aren't one-size-fits-all.
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Content: It’s not unusual for people to think that having a well-padded savings account is enough to offset the risks of disability, but this is a risky assumption. If you’re dealing with a long-term disability, you may be facing hefty medical bills, costs associated with making your home (or lifestyle) accessible, and more. Disability insurance helps to add an extra layer of protection for you and your family. What impacts the cost of disability insurance? The ability to tailor your policy coverage to your budget and needs is one of the main features of an individual disability income insurance policy. In other words, you’re able to choose a policy that’s affordable while still getting some amount of coverage. There are several different factors that impact your coverage: The elimination period: This is how long you have to be considered disabled to qualify for benefits. Typically, the longer the elimination period, the lower the premium.