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Who should absolutely consider carrying LTD insurance?

On Behalf of | Dec 28, 2020 | Insurance Coverage | 0 comments

When we think of our major assets, we might think of our house, automobiles, jewelry and other tangible assets. However, one intangible asset that may go overlooked is your earning potential. This can be a mistake, especially if you consider that if your income suddenly came to an end, you may not be able to make ends meet financially for very long, if at all.

For this reason, it is important for just about anyone in New Berlin to carry long-term disability insurance that will protect them financially should they suffer a serious injury or become so ill that they can no longer work. The following are some people who should especially think about carrying a long-term disability insurance policy.

One-income households

You may be single and thus living off your sole income. Or, perhaps you are married but your spouse does not work, leaving your family to depend on your single income as the family breadwinner. If this is the case, long-term disability insurance can be the financial lifeline you need if you are unable to work. Keep in mind that long-term disability insurance policies offered by your employer may not cover all your income so it might be worthwhile to consider carrying a supplemental private long-term disability insurance policy.

Those who are self-employed

If you are self-employed, there is no employer who will offer you long-term disability insurance as a benefit. Moreover, if you cannot work and you are self-employed it could affect your entire business. Those who are self-employed should consider carrying a private long-term disability insurance policy to meet their financial needs if they are unable to work. In addition, it may be worthwhile to carry overhead expense insurance to pay for fixed business expenses if you are unable to work.

Those in occupations involving physical work

Some professions carry inherit physical activity, such as firefighters or construction workers. It is easy to see why people in these professions would want to carry long-term disability insurance. However, if your job requires you to be able to use a specific part of your body, it may be worthwhile to carry long-term disability insurance, in the event that you injure that body part and cannot work.

Help is available to those in need of long-term disability benefits

If you are considering purchasing long-term disability insurance or if you have a policy but were denied benefits you may want to consider seeking professional guidance. Attorneys at our firm in Austin, Texas, understand how to help those in need of long-term disability benefits and may be a useful resource.