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
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Content: 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. Although you may feel comfortable risking the sustainability of your own lifestyle needs without long-term disability insurance, it’s a lot harder when you have dependents in the picture. When you’re a parent, having partial income replacement when you experience a disabling injury or illness can make a world of difference for your family. When you have young kids at home, you likely have more expenses than you would if you were young and single, or if you were closer to retirement. You can find coverage to help you to cover: Your rent or mortgage
Utilities
Groceries
Debt payments
You may still need to cut back on “extra” expenses, like cable or Friday dinners out as a family, but LTD or individual disability income insurance can still assist with covering some day-to-day expenses.