Long term disability is an insurance option that many people don’t even consider. But, it could be a lifesaver if consumers find themselves with a sudden loss of income. Your Money Geek Blogger Fred Leamnson shares important info about this insurance.
— Consumers spend a lot of money every year on insurance. Health insurance, life insurance, car insurance, and various other types of insurance tie up consumer income on a regular basis. But, many people don’t consider how they need to protect their income so that they can continue to afford insurance.
Your Money Geek contributor Fred Leamnson, also from The Money Mix, recently published an article discussing the importance of long term disability insurance and how it can make a difference for those who may end up getting injured or having some other sort of problem that leads to disability.
Temporary loss of income can be overcome using tools like unemployment insurance. But, if an employee is going to be out for an extended period of time, or out of the workforce permanently, that can cause a significant shift in income and lifestyle. Leamnson explains that long term disability insurance can be a helpful way to ensure that consumers can prevent filing for bankruptcy or dealing with other problems.
In the blog, Leamnson shares that “Only 48 percent of American adults indicate they have enough savings to cover three months of living expenses in the event they're not earning any income. (And) Almost half of all American adults indicate they can't pay an unexpected $400 bill without having to take out a loan or sell something to do so.” This can be catastrophic for consumers, which is why Leamnson argues that this insurance is an essential purchase.
The blog then goes on to explain all of the options available in regards to long term disability insurance. In many cases, consumers will need to get some sort of medical exam in order to be eligible for it. Like life insurance, long term disability insurance is typically on the lower end of monthly payments, which allows for it to be added to any budget.
Leamnson takes a lot of time to explain what is involved in the process and what is different between several of the most popular options for long term disability insurance. This deep dive is designed to help readers to sort out what information is out there and how to choose what may be best in regards to their own needs in long term insurance.
Your Money Geek is a personal finance blog focused on providing information and tips to consumers who are looking to save money and do their best to thrive in an economically challenging world. Started by blogger and personal finance expert, Michael Dinich, Your Money Geek has multiple contributors that share their stories and tips for making money and being smart with the money you have. Learn more at https://yourmoneygeek.com.
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