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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Content: 5 times long-term disability insurance makes sense | Haven Life
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. by Mary Beth Storjohann
December 18, 2018 | Protect
Have you ever wondered if you need long-term disability income insurance? If you have a traditional 9-5 employer, they may offer a group long-term disability income plan, provided at a group rate. That’s what’s normally referred to as long-term disability, or LTD insurance. However, if you’re self-employed, a business owner, or simply don’t have enough (or any) coverage through your employer, you may be curious as to whether or not purchasing individual disability income insurance is in your best financial interest. Long-term disability insurance and individual disability income insurance can help financially protect you if you were to become unable to work due to an illness or injury that keeps you out of work for over 90 days (this is the typical elimination period but policies differ and you would need to verify the exact terms on any policy that covers you or that you consider purchasing). Most policies offer to cover a percent of your pre-disability income for a set period of time with a general maximum of 66.66% of your income as a monthly insurance payout in the event that you became disabled. But how do you know when disability insurance makes sense for your lifestyle? 1: You’re a working parent
If you’re a parent, your child relies on your income.