Some people question the worth of insurance policies, whether it is life, home or disability insurance. But when something happens that jars their lives, they would be grateful for having such insurance. Think about this if you are unable to work because of a debilitating medical condition. Is it worth it to have a long-term disability insurance policy? You bet it is.
Long-term disability benefits go a long way and could prevent you from experiencing financial collapse, heartbreak and bankruptcy. And for those who believe they will not have a disability, think again.
Workers underestimate their chances of a disability
Consider the following statistics provided by the Council of Disability Awareness:
- Roughly 25% of today’s 20-year-old people will experience some type of disability before retiring.
- Nearly 13% of all workers will become disabled for five years or longer while living.
- American workers underestimate their risk of becoming disabled. Roughly 64% or workers think they only have a 2% chance of a disability for more than three months while working. However, as noted in the first bullet point, those odds of becoming disabled are 25%.
Long-term disability insurance remains a cost-effective way to help you and your family during times of need. If your employer offers it, sign up. Some employers automatically enroll you. Otherwise, purchase an insurance policy from a trusted private company. It is important to get the coverage you need.
Alan C. Olson and Associates is a law firm with thorough knowledge of long-term disability insurance. Have an experienced team on your side.