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Insurance Coverage Long Term: Plan for Disability

Long term disability insurance may not be as common as medical or car insurance, but it is equally important. Just as medical insurance provides assistance with the medical bills for unforeseen health emergencies, disability insurance provides assistance with income during a disability. The rate of disability, and long term disability, is higher than many people think, and it is not a problem limited to only those in the lower age bracket. What many people fail to realize is that all disability does not have to be permanent; there are many disabilities from which people can recover that last short or long term. However, even these "temporary" disabilities can cause real problems if the disabled person cannot continue working because a lack of substantial income means the inability to pay important bills and provide basis needs.

Importance of Long Term Disability Insurance

Long term disability insurance is important for either permanent disabilities or those that last for more than a few months. Although disability coverage is really needed for any disability, regardless of how long it lasts, it is easier to rely on the physical and financial assistance of a friend or relative for a short period of time than an extended period. Long term disability insurance does not cover the cost of any medical bills or treatment; instead, it acts as a replacement for lost income when disabled people can no longer do the jobs they were previously doing. Whether someone's previous income was large, average, or small, the loss of that income will always be a significant problem if that income was relied on for paying bills and providing for basic needs.

Many people may believe that it is a waste of money to have long term disability insurance that they may never use, but it is important to consider the potential impact on family and friends should a sudden disability occur. Although most friends and relatives will do what they can to help, it is unfair to place the burden of supporting an entire extra person on a person or family that is already trying to support itself and provide for its own needs adequately.

The reality is that long term disability insurance is not as cost prohibitive or costly as it may seem. Most companies offering disability insurance have a variety of plans from which people can choose, allowing customers to decide when they would like compensation to start, how long they would like it to continue, and how much compensation they would like to receive. All of these elements factor into the cost of the long term disability insurance so people can choose a plan that works within their financial constraints while still planning for unexpected health problems.

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