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If you have bills, family or both, you need long-term disability insurance

Look around your Raleigh neighborhood, your workplace or as you drive around on the streets. More than one out of every four adults you see will one day experience a disability that will make them unable to work for at least a full year, according to the Social Security Administration.

The chances are that you, or someone you know, will be disabled at some point. Because you have bills to pay, and very possibly people who depend on you, you will need to find a way to replace your income while you’re unable to work. Two of the best ways to replace those lost wages are Social Security Disability and long-term disability insurance.

Experts say that if you have dependents or regular bills to pay, it makes sense to have disability insurance that will help replace income. Many people have short-term disability insurance through their employer, of course, while others hope that they will never be disabled, but if they are, they will have Social Security Disability Insurance benefits to fall back on.

Unfortunately, there are problems with both of those lines of thinking. As for employer-provided short-term disability coverage, it leaves you and your loved ones out in the cold if your disabling condition lasts more than six months (typically the longest duration of benefits in short-term coverage). Short-term often replaces no more than 50 percent of your lost wages.

Social Security Disability Insurance (SSDI) likewise has relatively low spare benefits, and getting approved is a complicated process that can take more than a year.

That is why most experts recommend long-term disability insurance that picks up where short-term disability coverage – or your savings – end.

An enormous difference between short-term and long-term insurance is that the latter can last for years – right up until your retirement.

Of course, long-term insurance does no good if you are disabled and your claim is denied. In those situations, it makes sense to speak to a Raleigh attorney who understands insurance companies, insurance policies and how to fight for the benefits you need and deserve.

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