Is Long-Term Disability Insurance a Waste of Money?

Whether planning for the near or distant future, you want to be ready. Long-term disability insurance can help you be ready if you are ever physically or mentally impaired and unable to take care of yourself alone.

Long-term disability insurance is sometimes offered through employers. However, people may also buy it on their own. This insurance may help cover some of the income you miss out on while you cannot work for a long period of time. You might be injured, sick, or otherwise incapacitated. Since this is an insurance policy, you are covered as long as your situation meets the criteria established in your policy. You might be wondering if this kind of insurance is even necessary. While most do not plan on becoming disabled, it is still possible. This insurance might help you cover daily living costs, medical expenses, and more. It is up to you whether long-term disability insurance is worth it, and our legal team can help you understand your policy.

Contact Young, Marr, Mallis & Associates and ask our Philadelphia disability attorneys for a free case evaluation to get started by calling (215) 515-2954.

What is Long-Term Disability Insurance?

Long-term disability insurance is insurance you buy yourself or is provided through an employer that covers you in the event you cannot work for an extended period due to an injury or disability. This type of insurance might seem somewhat similar to other forms of assistance for people with injuries, like Workers’ Compensation or Social Security Disability Insurance (SSDI). The main difference is that long-term disability insurance is not something you have to apply for. It is your insurance that should cover you if you become disabled.

Long-term disability insurance may cover you regardless of how you become incapacitated or disabled. Perhaps you were injured at work, injured while on vacation, or developed a cognitive or memory disorder or condition. Under a long-term disability insurance policy, you may be covered under these circumstances and others. Our Pennsylvania disability attorneys can help you make sure your policy pays you all the compensation you are entitled to.

Long-term disability insurance acts in much the same as other disability insurance policies or programs. Claimants may receive benefits and coverage that make up for a portion of the income they lose while they cannot work. As the name implies, this coverage is designed for those with long-term disabilities or conditions that make working difficult or impossible.

Knowing Whether You Need Long-Term Disability Insurance

Like most insurance policies, many people deeply consider the pros and cons of a long-term disability insurance policy before signing up for one. Perhaps one of the most common concerns people have is how much an insurance policy like this might cost. While prices may vary, the benefits are often worthwhile.

First, ask yourself if you have been injured or work in a field prone to accidents and injuries. If you are at a higher risk of becoming injured and possibly disabled, you should consider getting long-term disability insurance if it is not already offered through your employer. This is often important for people who work as independent contractors in somewhat dangerous jobs.

You should also consider possible illnesses. Are you sick or at risk of becoming sick? Does your illness prevent you from working? Is your illness a long-term or permanent condition? While some illnesses are sudden, others develop and become worse over time. For example, a person might develop cancer and, after years of treatment, find themselves unable to continue working.

Are you getting older and finding it harder and harder to care for yourself? Many people use this kind of insurance because they have gotten older and can no longer care for themselves without help. Long-term disability insurance can help you pay for at-home nursing care or other services that help you survive and retain some independence.

What Does Long-Term Disability Insurance Cover?

Coverage from your long-term disability insurance depends on your policy’s specific terms and conditions. How much of your lost income is made up through insurance may vary based on the nature of your policy and what kind of coverage you selected. It is not unusual for insurance companies to offer varying levels of coverage for different prices. Generally, cheaper insurance policies tend to offer less coverage.

If you are unsure what kind of compensation your long-term disability insurance offers, talk to your lawyer. This is a good idea for a couple of reasons. First, you should review your policy with an attorney to fully understand the terms and conditions. Knowing this information can help you maximize the payout from your insurance policy.

Second, you should review your policy with an attorney to make sure you are not cheated when you file a claim if you ever become disabled. Insurance companies are not exactly known for being easy to deal with or even totally honest all the time. Many people have horror stories of being lied to and duped by insurance companies, so they do not have to cover anything. To make a long story short, get an attorney so you understand your policy and are prepared if you need to take legal action to get the coverage you are entitled to.

Deciding Whether Long-Term Disability Insurance is Worth the Money

Whether long-term disability insurance is worth it is entirely up to you. Many people have no other options when they cannot care for themselves like they used to. People might not have close family or friends who can help. If you have few family members or close friends who can help you if you are injured and unable to work for a long time, having insurance might be incredibly important.

Going without long-term disability insurance might mean exhausting your savings while you recover. If you are not expected to recover, your savings might only last so long until you have no resources left.

Contact Our Disability Attorneys for Assistance with Insurance Decisions and Claims

Contact Young, Marr, Mallis & Associates and ask our Springfield, PA disability attorneys for a free case evaluation to get started by calling (215) 515-2954.