A Primer On Long Term Disability And InsuranceYou may not realize it yet, but becoming disabled can compromise your productivity as a person. Whether you are a father, mother, son, or daughter, fulfilling your responsibility to your family and loved ones can be difficult if you are going to suffer from long term disability. According to records coming from the U.S. Census Bureau, every person has a one in five chance of being physically immobilized. Moreover, absence from work because of disability can last for about 2.5 years. If you are going to compute for it, that is a pretty long time to survive without a monthly and regular allowance to live on.
Disabilities may arise from various things. It can be because of accidents at work and on road. It could be because of a crippling disease, particularly connective tissues and musculoskeletal disorders that involve the joints, muscles and tendons, neck, back, foot, ankle, and hand. Based on claims data from the Council for Disability Awareness (CDA), cancer is the second primary cause of continuing disability.
Becoming disabled can have several financial implications that can be devastating. It can prevent you from working, thus you might be forced to use your savings to make up for your everyday expenses. But not all can afford to stop working for a long period of time.
If you want to insure yourself and make sure that you are prepared for such events, there are insurance plans for long term disability. Just like life insurance, disability insurance can protect the lifestyle of your family. In case you get sick and you cannot come to work, your insurance will ensure that you can survive and your loved ones as well.
In case of accidents, you may have a medical insurance that can cover for your costs as you undergo treatment. However, what will happen if you cannot go to work because of the injuries you have sustained? Who will pay for your bills and other expenses? This is where disability insurance comes into play.
The coverage of this particular type of insurance is for more than six months. Usually, existing insurance policies out there may cover up to 80 percent of your wages. This will enable you to keep your household and your needs in check. The payout depends on the type of plan you have. There are some that have a three-year cap, while others will pay until you are 65 years old.
The benefits of insurance plan, particularly disability insurance is priceless. Consider investing in it for your security.
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