The idea of paying more money every month to stay healthy may seem counterintuitive, but taking out long-term disability insurance can be one of the best investments you’ll ever make. An accident or illness could leave you disabled and dependent on others for an extended period, causing you to lose control over the standard of living you’re accustomed to. Having a long-term disability cover can provide you with an income in these situations, as well as peace of mind during the tough times when you’re unable to work due to your injury or illness. Here are some reasons why taking long-term disability coverage from an accredited provider like https://www.ocbc.com/personal-banking/insurance/great-careshield should be one of your highest priorities.
I) Risk Management
If you are disabled for an extended period, it can be extremely expensive to replace your income. Taking out a long-term disability cover can pay for itself many times over if it helps you get back on your feet and into work again quickly. An unexpected accident or sickness could leave you permanently unable to work; having access to funds during that time can make all the difference between being able to afford to live with dignity or not. Besides, it’s not only important for yourself but also your family’s future. The extra money could mean paying for your children’s college education or paying off debts incurred due to medical bills that have been piling up since your illness started. Having peace of mind knowing that all bills will be taken care of with regular payments from your provider gives you options and flexibility at a time when both might seem like distant dreams.
II) Financial Security
More than anything else, disability insurance provides financial stability in times of unforeseen hardships. As previously mentioned, having an income helps relieve worries about living expenses and other financial responsibilities which can pile up quickly if left unchecked during your recovery period. Even though you may be covered by an employer’s health insurance plan, if you are disabled for an extended time, it could take years before your claim is approved and your benefits start being paid. Plus, these payouts will likely be much less than what you need to live on in today’s economy. By boosting your cover with long-term disability cover you can be sure to protect yourself against prolonged periods of lost income and the accompanying frustrations.
III) Coverage costs only a small portion of your annual salary
The premiums for long-term disability insurance are relatively inexpensive and cover not an only short-term disability but also long-term disability, making it an affordable way to protect your family’s financial stability. In fact, on average, only about three percent of annual income is needed to pay for coverage. It may seem like nothing compared to other types of insurance costs, like auto or health. But when you’re stuck with a serious injury or illness that prevents you from working, long-term disability coverage will be there to pick up where traditional healthcare insurance leaves off.
The bottom line
Going back to work after a long period can be daunting, especially if you’re uncertain about your physical capabilities. Without an income, you’re sunk. While most people don’t think about it until they need one, long-term disability insurance can provide a financial lifeline to help you live comfortably should something unexpected happen. You might want to consider visiting https://www.ocbc.com/personal-banking/insurance/great-careshield to learn more about the long-term disability cover and perhaps sign up for a deal.