Most people think that unless they are employed in a dangerous job or participate in a risky hobby, they have very little risk of becoming disabled. They view a long term disability policy as unnecessary and an expense that they can safely avoid.
According to the Council for Disability Awareness almost 25% 20-year-olds have a chance of becoming disabled sometime before they retire and the average long-term disability absence from work lasts almost three years. Having access to disability benefits if you are unable to work is extremely important. Not many people can easily get by financially for three years without any income.
The leading causes of disability claims include musculoskeletal and connective tissue disorders such as neck and back pain, joint, muscle and tendon disorders and foot, ankle and hand disorders. These are medical conditions that can afflict anyone at any age.
A disability can deprive you of your ability to work, make a living, and contribute to your family’s finances. While some people may be able to rely on their savings to make ends meet for a few months, few people can afford to stop working for a prolonged period of time.
Long-term disability policies are meant to provide “peace of mind”, for those who are unable to work for medical reasons by providing an income replacement. This financial assistance may be required for an extended period.
Most people get long-term disability insurance through their employer. If you are not covered by a group disability policy through work you should consider purchasing individual long-term disability insurance on your own.