Tip On Getting Long-Term Disability Insurance
When it comes to protecting ourselves against the unexpected, most of us readily pay insurance premiums for cars, houses, death and medical expenses.
One type of insurance that many don't bother getting is long-term disability insurance, but the statistics say you may want to take another look on whether long-term disability insurance coverage would be in your best interest. Some numbers from Insurance.com:
1. Home Fire: 1 out of every 88 homes has a home fire.
2. Serious Auto Accident: 1 out of every 70 autos is part of a serious auto accident.
3. Death: 1 out of every 106 people will die from unexpected circumstances.
4. Disability: 1 out of every 8 people will become disabled.
A further look at disability statistics reveals the following:
A 30-year-old man has a one in five chance of suffering a long-term disability before his planned retirement. A 30-year-old woman has a one in three chance of suffering a long-term disability before her planned retirement. Roughly 50 percent of people who suffer disabilities lasting longer than six months remain disabled after five years. Heart disease and back problems are the two most common causes of disability. More people lose their homes through disability than through fire or death. One in seven employees will be disabled for five years or more before retirement.
Even if you save religiously, a long term disability can wipe out your entire savings in a couple of years. While many people never even consider getting disability insurance, it's worth taking the time to learn more about it and to see if it makes sense for you, especially if you're employed in a field where injuries are common.
Comments
So where's the tips? Nothing here but stats.
Tough crowd today ;) The tip is to consider getting long term disability insurance since most people don't.
"...it’s worth taking the time to learn more about it and to see if it makes sense for you, especially if you’re employed in a field where injuries are common."
These statistics are sobering.
[...] Tip On Getting Long-Term Disability Insurance: Sound Money Tips offers some statistics that will give you good reason to consider getting long-term disability insurance if you don’t currently have it. [...]
What is the source for these statistics? See them everywhere, but no one says who did the research to back them up.
The problem is not getting insurance..It's trying to collect if you need it. Read your policy carefully, most don't pay if you can qualify for a minimum wage job. Try living on that after being injured.