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SSDI cannot substitute for long-term disability insurance

Severe disability can drastically impact a person’s daily life, affecting everything from getting up in the morning and going to work to enjoying normal recreational activities. When severe injury or disability impacts an individual’s ability to work and earn money for long periods of time, their financial well-being may be compromised if they do not have adequate insurance.

Long-term disability insurance is indispensible in this regard because it provides income replacement—typically up to 60 percent of one’s income—which allows a disabled individual to continue meeting their most important obligations while they recover. Without long-term disability coverage, a disabled individual may run into financial problems. 

It is unfortunate that more working-age Americans do not take advantage of long-term disability insurance, particularly since serious disability or injury is more common than many people think. Some fail to avail themselves of such insurance because they figure they will always have Social Security disability as a backup. Unfortunately, although SSDI is a great resource for the most disabled among us, those with less than severe disability may not qualify. Hence, SSDI should not be seen as a viable substitute for long-term disability insurance.

There are various factors to consider when purchasing a long-term disability policy, but the most important thing is to shop around as much as possible and fully grasp all the terms of the policy. That way one will know what they are getting into it and not be caught by surprise if they do end up benefitting from the coverage. 

Source: Huffington Post, “Why I Bought Long-Term Disability Insurance,” May 16, 2014. 

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