{"id":3754,"date":"2018-08-22T18:37:01","date_gmt":"2018-08-22T18:37:01","guid":{"rendered":"http:\/\/contelawyers.ca\/?p=3754"},"modified":"2018-08-22T18:37:01","modified_gmt":"2018-08-22T18:37:01","slug":"ltd-important-young-professionals","status":"publish","type":"post","link":"https:\/\/contelawyers.ca\/ltd-important-young-professionals\/","title":{"rendered":"Why LTD is Important for Young Professionals"},"content":{"rendered":"

Long-Term Disability For Young Pro’s<\/h2>\n

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?<\/p>\n

However, these types of thoughts rarely go through the minds of young people.\u00a0<\/b>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. <\/span><\/p>\n

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. <\/span><\/p>\n

Remember, accidents and illnesses can happen to people of any age. Hence, the importance of <\/span>long term disability<\/span><\/a> or LTD insurance. <\/span><\/p>\n

LTD: What is this?<\/h3>\n

LTD is <\/span>a long term disability insurance<\/span><\/a> policy that people can purchase to help them in times in which an accident or illness keeps them from working. <\/span><\/p>\n

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. <\/span><\/p>\n

What Does Long Term Disability Cover?<\/h3>\n

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. <\/span><\/p>\n

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.<\/span><\/p>\n

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Why Do Young People Not Have This Insurance?<\/h3>\n

Long term disability insurance is more likely to be seen from those who are older. In fact, according to <\/span>LifeWise<\/span><\/a>, there is slightly less than 40% of young professionals who actually have long-term disability. <\/span><\/p>\n

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. <\/span><\/p>\n

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. <\/span><\/p>\n

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. <\/span><\/p>\n

Another issue that many young professionals point out is that they are not involved in a type of career that is considered dangerous. <\/span><\/p>\n

For example, most people know that those who work in construction are at an\u00a0increased 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. <\/span><\/p>\n

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!<\/span><\/p>\n

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. <\/span><\/p>\n

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. <\/span><\/p>\n

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.<\/span><\/p>\n

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That is why it is imperative that you pay attention to the fine wording in these insurance policies.<\/span><\/p>\n

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. <\/span><\/p>\n

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. <\/span><\/p>\n

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 <\/span>LTD<\/span><\/a>.<\/span><\/p>\n

Tips for Young Professionals When It Comes to LTD<\/h3>\n

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:<\/span><\/p>\n