Long Term Disability InsuranceThe need for Long Term Disability Insurance can seem unimaginable to many people. Unfortunately, many of us will need disability income protection before we retire. Without the appropriate coverage, a disability could mean financial disaster. Long term disabilities can become a reality that lasts a lifetime, and a possibility that many people fail to protect themselves against. A disability income insurance policy can help replace income lost because of an injury or illness. Few people have the adequate funds to protect themselves in the event of an extended period of time with little or no income. You should carefully consider whether you want to purchase a disability income insurance policy that offers long-term or short-term disability benefits. Under the terms of your disability insurance policy, you'll have to wait a certain period of time after suffering a disability before you can begin receiving benefits. Waiting periods for short-term policies (usually 0 to 14 days) are generally shorter than those of long-term policies (usually 90 days), depending on the terms of the policy. After suffering a disability, you will receive benefits until you recover or reach a certain maximum. Short-term policies may pay benefits for up to two years or less, but long-term policies provide benefits for a much longer period of time- a few years, to age 65, or for a lifetime. If you can't afford to purchase both, it makes more sense to purchase long−term disability insurance. Most disabilities last just a short time, and you may be able to withstand the financial setback of a short−term disability, even without insurance. However, a long−term disability can severely deplete any financial reserve you may have if your don't protect it with a long-term policy. Return from Long Term Disability Insurance to QuoteSouth.com |