Shield Insurance Agency Blog | Long-Term Disability Income Insurance | Contact An Agent Now!

Disability is something that most people don’t like to think about. We go about our daily lives, working hard and taking care of our families, assuming that nothing will ever happen to us that would prevent us from earning a living. But the reality is that accidents and illnesses can happen to anyone, at any time. And if you were to become disabled and unable to work, how would you support yourself and your loved ones?

What is Long-Term Disability Income Insurance?

This is where long-term disability income insurance comes in. It provides a safety net for those who are unable to work due to a disability, ensuring that they have a source of income to cover their living expenses. But do you really need it? Let’s take a closer look at disability income insurance and its benefits.

Firstly, let’s talk about disability claims. Disability claims are the process of filing a claim with your insurance company to receive disability benefits. These benefits are designed to replace a portion of your income if you become disabled and are unable to work. The process typically involves providing medical documentation and proof of your disability, as well as any other required information.

What does Long-Term Disability Income Insurance Cover?

Disability coverage refers to the extent of protection provided by your disability income insurance policy. It outlines the types of disabilities that are covered, the duration of coverage, and the amount of income replacement you can expect to receive. It’s important to carefully review your policy to ensure that it meets your specific needs and provides adequate coverage.

Disability income benefits are the payments you receive from your disability income insurance policy. These benefits are typically a percentage of your pre-disability income and are paid out on a regular basis, such as monthly or quarterly. They are intended to help you maintain your standard of living and cover your essential expenses while you are unable to work.

Disability income coverage is the overall protection provided by your Long-Term Disability Income insurance policy. It encompasses the various aspects of your policy, including the types of disabilities covered, the duration of coverage, and the amount of income replacement you can expect to receive. It’s important to choose a policy that offers comprehensive coverage and meets your specific needs.

Disability income insurance is the actual insurance policy that provides coverage for disability income benefits. It is a contract between you and the insurance company, outlining the terms and conditions of your coverage. It’s important to carefully review your policy and understand its provisions before purchasing disability income insurance.

Why do I need Long-Term Disability Income Insurance?

Now that we’ve covered the basics of disability income insurance, let’s discuss why you might need it. The reality is that disabilities can happen to anyone, at any time. According to the Social Security Administration, more than one in four 20-year-olds today will become disabled before they retire. And the average duration of a long-term disability is nearly three years.

If you were to become disabled and unable to work, how would you support yourself and your loved ones? Would you be able to cover your living expenses, such as your mortgage or rent, utilities, groceries, and medical bills? Without a source of income, it can be incredibly challenging to meet these financial obligations.

This is where disability income insurance can provide peace of mind. It ensures that you have a source of income to cover your living expenses while you are unable to work. It can help you maintain your standard of living and provide financial stability during a difficult time.

But what about other options? Some people may rely on savings or investments to cover their expenses in the event of a disability. While this can be a viable option for some, it may not be feasible for everyone. Building up a substantial savings or investment portfolio takes time and discipline, and not everyone has the means to do so.

Additionally, government programs such as Social Security Disability Insurance (SSDI) may provide some level of income replacement for those who are disabled. However, the process of applying for and receiving SSDI benefits can be lengthy and complex. And even if you are approved, the amount of benefits you receive may not be enough to cover your living expenses.

This is where disability income insurance can fill the gaps. It provides a reliable and consistent source of income, ensuring that you can meet your financial obligations and maintain your standard of living. It offers peace of mind, knowing that you are protected in the event of a disability.

Now that you understand the importance of disability income insurance, it’s time to take action. Shield Insurance Agency represents over 40 insurance companies and can help you find the right disability income insurance policy for your needs. Contact Shield Insurance Agency at (616) 896-4600 for a free quote today or start the quoting process by visiting this LINK and an agent will be in touch soon.

Don’t wait until it’s too late. Protect yourself and your loved ones with disability income insurance. It’s a small investment that can make a big difference in your financial security and peace of mind.