When you are young and healthy, it seems silly to spend money on long term disability insurance. Even someone with a stabilized medical condition may lack the ability to conceive of a time when such coverage might become a necessity. Still, there are sound and unquestioned reasons for buying long term disability (LTD) insurance.
Possible consequences of failure to make such a purchase
Personal injury lawyers in Collingwood know that not every injury heals in a brief span of time. Some injuries force the victim to live with constant challenges, due to the victim’s loss of a physiological function. Such victims struggle to find a way of earning a living. Their lack of some source of income highlights one of the benefits enjoyed by those that bought an LTD policy.
Some employers offer a disability insurance. If an employee gets hurt while on-the-job, the employer’s insurance can serve as a temporary source of income. Of course, not all employers invest in coverage for their employees. Anyone that works for someone that does not offer long term coverage to an injured worker has 2 good reasons for buying an LTD policy.
Would your bank account suffer, if you purchased the coverage offered by an LTD policy?
Most homeowners buy fire insurance, but a few of them decide against spending money on such coverage. They do not see the creation of an in-house fire as a strong possibility. In addition, some people that live in a rented home refuse to spend money on renters’ insurance.
Those that save money by not paying an insurance company may develop a nice savings account. Yet that account will get depleted quickly, if their residence suddenly catches fire. Perhaps some of that money saved should have been invested in a form of protection. In other words, their bank account would not have suffered, if they had chosen to spend money on some form of long-term coverage.
How would you make the required payments?
Would you need to send in a payment each month? Maybe you do not want to feel burdened by such an arrangement. Still, there are some policies that can be paid with an automatic withdrawal from your bank account. Get a quote for such a policy, and then decide whether or not you can set aside the amount of money that would be withdrawn. In that way, you could enjoy dependable coverage, should you become disabled.
Such an arrangement can prove quite beneficial. If you were to get injured and visit an emergency room, you would immediately have a medical expense. If you had some type of disability insurance, you might find that it could cover the cost of that emergency room visit. It helps to prepare for such events.