Who needs insurance for a long term disability?
Since you never know what the future holds, it is always good to have the appropriate amount of insurance coverage at all times. While some people are comfortable with their insurance situation, others are unsure of whether or not they are coming up short in this department.
If you fear that a long-term disability could be possible at some point in the future, it is best to purchase a long-term care insurance policy that provides the protection you need. You may never use the coverage, but the thinking among many people is that it is better to be safe than sorry.
There are many groups of people who purchase long-term care insurance, including those who have a small retirement savings. These people would not have the money they need to pay for long-term care in the event of a disability. Fortunately, if they have disability insurance, they can receive the medical attention they need without dipping too far into their pockets.
Those without children are also among the most common buyers, since they may not have any family that can assist them in the event of a disability.
Anybody can purchase long-term care and/or disability insurance. Whether or not this makes sense depends on many factors, including your financial and family situation.
It may be hard to think about the dangers that lie ahead, but this is part of planning for the future. If you have coverage and ever need to make a claim, you have the right to do so. If denied benefits, it may be time to consult with a California employment law attorney.
Source: NPR, “Long-Term-Care Insurance: Who Needs It?” Nov. 18, 2014