Importance of Long Term Disability Insurance  

Life insurance ensures coverage of burial costs, previous debt, and protects income after the loss of a loved one. It helps continue a legacy for our children and grandchildren while serving as a means for estate tax preparations or donations to an organization. Life insurance enables families to focus on what is important during some of the most difficult times in life. 

Life insurance not only takes care of our family if we pass away. It also protects the family while growing assets. It answers the question, “What happens if I suffer an injury that does not take my life, but does not allow me to provide at the same level I used to? How will the bills get paid and how does food continue to make it to the table?” Long Term Disability insurance brings peace of mind by offering security for those instances.  

One of three things are going to happen in the span of one’s life that is out of his or her control: Not living long enough, living too long, or being disabled in between. Life insurance covers not living long enough, and long term care covers living too long, but what is going to fill the gap of being disabled?  

Before we answer that question, here are some statistics to keep in mind: 

• 1 in 4 of today’s 20-year-olds will become disabled before retiring 

• The average Long Term Disability lasts 2.5 years 

• 50% of Americans would be in financial trouble in one month or less following a disability diagnosis 

Long Term Disability can be tailored to fit your needs and budget to fill the gap in becoming disabled. It is commonly referred to as “income protection within a disabling event.”  Many of our daily professional tasks could not be completed after the loss of our voice, our hands, or our feet. Long Term Disability secures our family before an event like this happens. 

Long Term Disability plans vary by benefit period to fit a person’s budget and personal needs. This flexibility can look like payouts for two years, to the age of 65, to the age of 67, etc. Individuals can also customize the elimination period from the date of the disability (i.e., when the coverage will kick in) from one day, thirty days, sixty days, one hundred twenty days, or even a year.  Just 2% of your monthly income is usually all that is needed for protecting up to 60% of your income for the future.  

Interested in securing your family’s future? Your Rollo Insurance family wants to help you in this endeavor. Reach out to us today to learn more.