Why Long-Term Disability Is Important To Young Professionals
Most people think of long-term disability insurance as something that only older people need, but that is a misconception that can leave a younger person in a serious financial bind. People’s brains are not really wired to understand risk. We ignore it, or we assume that it isn’t as serious as others would try to make it out to be.
But when we do that, there is a real concern that we are underestimating how much damage or harm a disability could cause. Buying insurance that protects you financially from a long-term disability isn’t just for construction workers and dangerous jobs, either. Anyone can become disabled at virtually any time, often unsuspectingly and with potentially devastating results.
People who work in IT, marketing, medical, engineering, and other fields that seem relatively “safe” can still benefit greatly from long-term disability insurance, mostly because the loss of an arm or hand, or the loss of sight would greatly affect their ability to do their jobs. When we are highly trained and skilled, making changes to find another type of job can be costly and time consuming. Adding a disability on top of that can make finding a job that pays a comparable wage extremely difficult. In some cases, finding another job at all may not be possible, especially if the disability is one that is severe or highly limiting.
We often shy away from disability insurance because we think it won’t be needed, but also because of the cost. In the grand scheme of things, though, the price for this insurance is not that high, and it will pay out for a disability that lasts months or even years. That can protect a person and their family from financial ruin, whether they are able to go back to work in the future or not. It is peace of mind, and we all need that. Think carefully before turning down long-term disability insurance, especially when offered through your company at a good rate. The cost of it is negligible compared to the benefits you will get if you need it.