Things to know about long-term disability insurance

No one really wants to look into the future and see an onset of differences that can make life difficult. But the reality is many of us will one day have to deal with long-term disability. One quarter of all 20-year-olds today will become disabled before they retire, the Social Security Administration says.

In a recent article, Time magazine urges consumers to be aware of the odds of disabilty, but not to be frightened by statistics into overpaying for long-term disability insurance.

For one thing, Time points out, you might have at least partial coverage from one or more of several sources, including workers’ compensation and Social Security. However, for a variety of reasons people often decide that they need more risk-mitigation than those options provide.

Many Milwaukee workers have disability insurance through their employers.

Some can opt to make an increased monthly premium payment for more generous benefits, whie others will decide that purchasing insurance on their own is a viable option.

When making that purchase, Time urges consumers to be aware of factors that affect your premiums as well as potential benefits. Insurance plans will cost less when benefits are reduced, or the waiting period before benefits begin is lengthened.

Of course, some people find that even after they have done their homework, gotten adequate coverage and paid their premiums, they are denied benefits when they need them. When worker injury or illness results in long-term disability, insurers will sometimes balk at paying.

For workers who are disabled before retirement, this can mean they are unable to pay mortgage or rent, medical bills, utilities and other essentials.

A Milwaukee attorney experienced in cases of denied disability can help you fight for every benefit you need and deserve. 


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