Long-Term Disability For Young Pro’s
Long term disability insurance is often something that older people think of. Once they hit their forties or fifties, they start to realize that if something were to happen to them, how would they live. How would they pay their medical bills? How would they put food on the table? How would their families survive?
However, these types of thoughts rarely go through the minds of young people. Young professionals often have their minds full of what they need to do in order to climb the ladder. They are just starting out in their careers and their lives for the most part. And many young people have the idea that they are invincible.
That accidents and illnesses are something that affects those who are much older. However, it is this mindset that could hurt them in the long run.
Remember, accidents and illnesses can happen to people of any age. Hence, the importance of long term disability or LTD insurance.
LTD: What is this?
LTD is a long term disability insurance policy that people can purchase to help them in times in which an accident or illness keeps them from working.
In most cases, these policies are going to pay anywhere from 40 to 70% of the income that a person would make while working. And in most cases, this type of insurance is going to pay you until the age of 65 when other programs will kick in to help cover your living expenses.
What Does Long Term Disability Cover?
When you consider long-term disability insurance, you may be asking yourself what does this cover? In most cases, it is meant to cover any injury or illness that prevents you from being able to work.
However, you need to make certain that any policy does not have certain illnesses excluded. For example, some of these types of policies will exclude an injury or illness that is work related.
Why Do Young People Not Have This Insurance?
Long term disability insurance is more likely to be seen from those who are older. In fact, according to LifeWise, there is slightly less than 40% of young professionals who actually have long-term disability.
This is a remarkably low number considering that most professionals agree that before the age of 65 years old, one in four people are going to suffer a major issue that keeps them from working.
Other young professionals are trying to save their money and think that this is a waste of money. While we understand that many young professionals are trying to stick to a very tight budget, this is something that a person does not need to put off.
While it may cost a few bucks each month, it is well worth it if you were to have to use this insurance later down the line.
Another issue that many young professionals point out is that they are not involved in a type of career that is considered dangerous.
For example, most people know that those who work in construction are at an increased chance of suffering an injury just because their work is dangerous. However, a person that works in an IT department of a company is less likely to be in those highly dangerous locations.
This does not mean that the IT specialist could not become injured. While we agree that there are some professionals that may have a higher chance of using this LTD insurance, anyone could become injured and end up needing this type of insurance!
Many people also have this idea that even if you do have an injury or illness and you also have this long term disability insurance that the chances of this paying someone are very slim.
For young professionals, they view this as something that they can simply do without since they may not get paid anyways. The truth is that if you have this insurance and there is no reason why you should not be paid, you will get paid.
The only situations in which a person would not receive payment from this type of insurance is if they had a policy that strictly prohibited a person from getting this payment if they were to able to work in another field with no issue.
That is why it is imperative that you pay attention to the fine wording in these insurance policies.
While these excuses are the ones that are most often used by young professionals, these young people need to realize that an illness or injury can happen to anyone of any age.
Having this type of disability insurance in place is meant to offer you a level of protection that is hard to find with other options that are out there.
What would you do in the event that you did lose your job for an illness or injury? If you have no answer to this, then you need LTD.
Tips for Young Professionals When It Comes to LTD
For young professionals, long term disability is still something that they need to have as part of their expenses. This policy is meant to help you in your time of need when you may not have any other option for living your life in terms of finances. With this being said, here are a few tips to remember:
- Filing a claim on this type of insurance could take up to a month to get an answer back. Remember that the insurance company is looking at the event that caused this injury or illness, as well as medical evidence that shows you are not able to work.
- Do not be surprised if you have a private investigator that is following you if you were to make a claim on this policy of the illness or injury that you suffered. This is just another way that the insurance company is ensuring that they are not being taken advantage of.
- There may be times in which you have to have a lawyer on your side to fight your disability claim. There have been times in which a person needed a lawyer in order to get what they have paid into.
- Just because your employer has this as an offering to employees, remember that it may not be as in-depth as an LTD policy would be if you were to get this on your own.
- Always read the fine print on the policy that you purchase to ensure that it fits your every need. You don’t want to be surprised if you have to use this and there is fine print that you didn’t acknowledge.
Young professionals need to realize that long term disability insurance is not geared towards those who are older.
This type of insurance is geared towards anyone who is employed. After all, any type of employment carries certain risk with it.
If you were to be hurt on the job, while workers compensation is always there, it may not be enough. LTD insurance is meant to keep you from going into financial ruin while you heal and get your life back on track. This is why every young professional needs to have this type of insurance policy.
Conte Jaswal Can Help with Your Long-Term Disability Claim
At Conte Jaswal, we understand how difficult and burdensome this process can be.
If your disability claim has been denied, or if you feel overwhelmed by the application process, don’t lose hope. It may seem like you’re facing a losing battle, but you don’t have to admit defeat just yet – this is simply an indicator that it’s time to seek professional assistance.
Our dedicated team of experienced lawyers will fight for your entitlement and help you get the settlement you deserve.
We can assist you at any stage of the long-term disability claims process – whether you’re just starting out or if you want to file an appeal.