I'm a healthy young man. What are the benefits of long-term disability insurance?
According to statistics, one out of every four persons in their twenties will become incapacitated before reaching retirement age. Is it worthwhile to take the risk of waiting?
I work for the federal government. The Federal Employees Retirement System (FERS) may be of benefit to me. What makes you think I'd need more insurance?
Even though government personnel are largely protected, they should double-check their plan and be aware of its restrictions. Always think about whether or not supplemental coverage is necessary. Government claim criteria are particularly strict, and a private policy can provide additional funds as well as further piece of mind.
Why bother when insurance companies will find a way to deny benefits?
Although it is widely believed that insurance companies will do everything necessary to pay out the smallest amount of benefits possible, this does not indicate that extra insurance is a poor option. It simply means that you should engage the help of people who have been trained to deal with insurance companies and are committed to obtaining the highest possible return on investment for each client.
I don't want to pay for insurance that I may never need for decades. Is it possible to purchase coverage for a shorter period of time?
Yes, in fact. In fact, it's possible that's the best thing you could do. Because there are other safety nets in place for those who may become permanently disabled and unable to work, purchasing a policy that provides coverage for a set length of time in the event of a disability can be a wise decision. Even if you are unable to return to your prior employment, you may be retrained for a new role or a whole different career. Disability insurance coverage do not required to cover a person until they reach the age of 65. Before making a final selection, thoroughly consider your options, risk, money, and family needs. Many pros advocate a five-year coverage, citing the fact that most claim-worthy disabilities last only three years. Paying more for something could simply be a matter of wasting money.
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We hope you find our information to long-term disability useful, and we are happy to answer any specific questions you may have. For further information, please contact our firm whenever it is convenient for you.