Everybody has automobile and homeowner’s insurance to protect against unforeseen circumstances but few people have paycheck protection. No one likes to consider the possibility of becoming disabled during their prime working years, but according to the Social Security Administration, nearly one in four of today’s 20-year-olds will become disabled prior to reaching age 67. And while many people think that long-term disability usually happens as a result of accidents and serious injuries, the fact is that back problems, heart disease and treatment for cancer are far more common causes.
Rid Yourself of Worry with Long-Term Disability
Should you become disabled, long-term disability insurance picks up where short-term disability ends, typically 13 to 52 weeks after the disabling event. If you’re still unable to return to work, long-term disability insurance will pay you a percentage of your salary (usually 50-60%) to help you pay bills and avoid tapping into retirement savings or the kids’ college funds. The benefits last for a set number of years, or until you reach retirement, depending on how you structure your policy.
Most individuals with long-term disability insurance obtain coverage through an employer-sponsored group plan, but self-employed workers and those whose employers don’t offer disability need an individual policy. In addition, some choose to supplement their employer’s coverage with an individual plan, since most people would find it difficult to live on 60% of their accustomed income.
Individual & Supplemental Plans for Your Peace of Mind
As with life insurance, the cost of long-term disability will vary according to one’s age, gender, health, occupation and a host of other factors. It’s important to review your options with a qualified Maryland and Virginia insurance professional to get the best fit. Financial Brokerage Services, one of the most trusted financial advisors in Northern Virginia, would be happy to sit down and discuss your long-term disability goals. Call us today at (301) 320-2000.