Who Needs Long Term Disability Insurance?
Long Term Disability
If you have a job and rely on your income, you probably need coverage.
Long Term Disability (LTD) insurance is protection for your paycheck. It ensures that if you can’t work due to illness or injury, you’ll continue to receive a portion of your income to help make ends meet. Benefits can help cover expenses like mortgage or rent payments, utility bills, credit card bills, and childcare. Medical bills can often make a bad situation even worse. LTD insurance can cover all this and more.
Discounted Income Protection Plans
Our individual plans provide coverage in the event you’re too sick or injured to work or to care for your family. Own and keep your policy, even if you change jobs.
While LTD insurance is an important consideration for anyone with earnings from a job, the following groups have special considerations:
- Those just starting out. Gen Z and Millennials have longer-term earning power, making income protection even more essential. At this life stage, the ability to earn an income is often more valuable than a home or retirement plan. For those with education debt, a Student Loan Rider can cover loan payments, which could help prevent default in the event of a disability.
- High income earners. If you’re a high income earner, your disability insurance through work is typically not enough. It won’t include bonuses, and it caps the amount of income covered. An individual policy can supplement employer coverage and can move with you throughout your career.
- Medical professionals and attorneys. A policy that provides “own-occupation” coverage is critical. It means you’ll receive full disability benefits if you can’t work in your own specialty or profession, even if you can work other jobs.
- Business owners. Every business owner should consider LTD insurance. A buy-sell agreement funded with LTD insurance provides income if you are disabled and can help ensure business continuity.
- Stay-at-home parents and caregivers. Without LTD insurance, the costs to cover household responsibilities could devastate a family’s finances. A lump sum disability insurance plan for non-income earners can help cover these costs.
It’s important to protect your income regardless of your profession or income level. Our Advisors can help you secure the best type of LTD insurance for your profession and your individual needs – with a 16% discount exclusively for our alumni and their immediate family members. Schedule an appointment.
