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: 5: You have no coverage (or no protection outside of insurance)
Knowing what amount of coverage you need is hard. It’s even more difficult to justify purchasing individual disability income insurance or group long-term disability insurance if you feel that you have enough savings to get you through the short term if you were to become disabled. However, this may be a short-sighted way to look at disability coverage. Having some level of disability insurance or other protections in place in case you’re confronted with a worst-case scenario can offer some peace of mind. It’s impossible to know how long a disability could impact your earning potential. It’s possible that an illness or injury could completely alter your ability to work for the rest of your life. You may be physically disabled and unable to do a physically-intensive job, or you may experience an illness or disabling accident that alters your ability to see, type or sit for extended periods of time. This type of disability could morph into a bigger, long-term concern. In these cases, disability insurance can help to offset the inevitable costs of rethinking the way you earn an income going forward and can buy you additional time to restructure a career that accommodates for your disability.