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Comparing SSDI with long-term disability insurance

Disability insurance is an important resource for people of working age, and those who forego such insurance may end up regretting it. As a recent article in the Huffington Post points out, the risk of disability is greater than many working-age Americans might initially believe and failure to adequately insure against this risk is a gamble.

Long-term disability insurance provides up to a certain percentage of income replacement and is an invaluable asset for those who suffer injury that leaves them unable to work for long periods of time. So why don’t more people take advantage of long-term disability insurance, if it is so important?

The best answer is probably a simple one: cost. Insuring 60 percent of one’s gross income typically costs about 2-3 percent of one’s gross income in premium payments per year. Finding the money to insure against long-term disability can be challenging for many people, particularly those who are young and who don’t expect to be injured anytime soon.

Social Security disability insurance is sometimes thought to be a good fallback for those who do not have long-term disability insurance, but there are a few reasons why it is not. It isn’t easy to qualify for Social Security disability income, and even those who do often wait many months before receiving their first payment. While SSDI is there for those with serious impairments, it cannot and should not be compared to long-term disability insurance. Those who have further questions about qualifying for SSDI should contact an experienced attorney right away.

Source: Huffington Post, “Why I Bought Long-Term Disability Insurance,” May 16, 2014. 

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