Long-term disability helps both younger and older workers

People regularly go to work and come back home, rarely thinking about what would have if they ended up being disabled long-term. In these situations, long-term disability benefits are a must, and that goes for people both young and old. When one’s disability claim is denied, a person might feel hopeless. However, he or she can fight for his or her disability compensation rights in Wisconsin.

It’s ideal to have long-term disability that provides enough money to cover living expenses for a few months. Young people may be more motivated to do this since they likely don’t have a strong investment portfolio or emergency savings built up yet. People who are nearing retirement often have fewer expenses since their houses are paid off and their kids have left home, and they also might have more sizeable portfolios to dip into in the case of emergencies. For this reason, they might not see the need for long-term disability.

They also might be turned off by the higher disability insurance rates for older individuals. However, older people are more likely to experience health problems that make them unable to work, such as heart disease or cancer. In addition, tapping into retirement savings can lead to tax consequences and affect one’s retirement plans. Long-term disability is typically a wise option for safeguarding one’s financial future in the case of injury or illness.

Not being able to work can affect a person’s sense of financial security and confidence. However, long-term disability benefits offered through an employer can be the parachute that safely guides a person who is falling both physically and financially due to an incapacitating injury. Having a claim for disability denied can seem devastating, but an individual has the legal right to pursue all of the disability benefits to which he or she may be entitled in Wisconsin.

Source: morningstar.com, “Human Capital: Not Just Important for Asset Allocation“, Christine Benz, May 15, 2014

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