How Long-Term Disability Insurance Protects Your Income
No one expects to become disabled, but accidents and health issues can strike without warning. Long-term disability insurance is designed to replace a portion of your income if you can’t work for an extended period. It helps cover everyday expenses like rent, groceries, and bills, giving you financial security during tough times. Without this coverage, many people struggle to stay afloat when they lose their regular income. What Is Long-Term Disability Coverage? Long-term disability Coverage provides financial support if you become unable to work due to a serious illness or injury. Unlike short-term plans, which cover a few months, long-term policies offer benefits for years. These plans typically replace 50-70% of your income, helping you manage essential expenses. Key features include: Waiting Period: You must wait a certain period (usually 30-180 days) before receiving benefits. Benefit Duration: Coverage can last for several years or until re...