When we think of our most important assets, it’s easy to forget that our income or our ability to earn a living may be the one that needs protection the most. Who will take care of your family if you are unable to work? And is your coverage adequate based upon your income needs? Tough questions with tough answers.
The average age of an individual filing a disability claim with the nation’s largest group long-term disability (LTD) carrier is reported to be 45 years old. The most common causes of disability include: back injury, cancer treatment and maternity leave. Are all of your family’s plans going to be realized if you can no longer earn a living?
Long-term disability benefits can replace part of your income so you can focus on recovery instead of worrying about your ability to pay the bills. Only 5% of baby boomers realize they have a one-in-three chance of becoming disabled during their working years2.
All that aside, do you really know what your LTD coverage is and what it pays?
These are very important questions and you need to understand the answers clearly. If you are not satisfied with your current plan, and it appears portions of your income are not protected, you may want to investigate an individual supplemental LTD policy for yourself.