THE BENEFITS OF LONG-TERM DISABILITY INSURANCE
Long-term disability insurance is a type of insurance that provides financial protection to individuals in the event of an illness or injury that results in a long-term disability. This insurance is designed to replace a portion of the insured person’s income, typically up to 60% or 70%, if they cannot work for an extended period.
While many people believe that they will never experience a long-term disability, the reality is that it can happen to anyone at any time. In fact, according to the Council for Disability Awareness, one in four 20-year-olds will experience a disability before retirement age. This means that it is essential for individuals to consider the importance of long-term disability insurance.
The Benefits of Long-Term Disability Insurance
Income Protection
The most significant benefit of long-term disability insurance is that it provides income protection. If an individual cannot work due to a long-term disability, the insurance policy will give a portion of their income to help them cover their expenses. Dave Ramsey tells the story of a man who approached him at a book signing and thanked him for his general advice to purchase long-term disability insurance. He was making about $100,000 at his place of employment, had a family, and the unthinkable happened. Luckily, he had long-term disability insurance in place so that he and his family could enjoy an annual income of $65,000 while he was not able to work.
Peace of Mind
Knowing that you have long-term disability insurance can provide peace of mind. If something were to happen, individuals could rest assured that they have financial protection.
Employer Benefits
Many employers offer long-term disability insurance as part of their employee benefits package. This means that employees can take advantage of this coverage at a lower cost than if they were to purchase it on their own.
The Risks of Not Having Long-Term Care Disability Insurance
Financial Instability
Without long-term disability insurance, individuals may struggle to make ends meet if they cannot work due to a long-term disability. This can lead to financial instability, making paying bills and covering expenses challenging.
Increased Debt
Without long-term disability insurance, individuals may rely on credit cards or loans to cover their expenses. This can lead to increased debt, which can be challenging to pay off over time.
Reduced Standard of Living
Without long-term disability insurance, individuals may need to make significant lifestyle changes to make ends meet. This can include downsizing their home or making other significant sacrifices that can reduce their standard of living.
A healthy piece to the financial puzzle
Long-Term Disability Insurance is an essential component of a comprehensive financial plan. It provides income protection, helps cover medical expenses, and provides peace of mind. This is why we suggest considering long-term disability insurance to help you have coverage to protect yourself and your family. Luckily, Whitaker-Myers Wealth Myers is part of the Whitaker-Myers Group, which has a department that handles long-term disability insurance. If you have questions about long-term disability insurance, talk with your financial advisor. If you’re interested in a quote, they can put you in contact with a member of our insurance team.
Whitaker-Myers Wealth Managers is an SEC-registered investment adviser firm. The information presented is for educational purposes only and intended for a broad audience. The information does not intend to make an offer or solicitation to sell or purchase any specific securities, investments, or investment strategies. Investments involve risk and are not guaranteed. Whitaker-Myers Wealth Managers reasonably believes that this marketing does not include any false or misleading statements or omissions of facts regarding services, investment, or client experience. Whitaker-Myers Wealth Managers has a reasonable belief that the content will not cause an untrue or misleading implication regarding the adviser’s services, investments, or client experiences. Please refer to the firm’s ADV Part 2A for material risks disclosures.
Past performance of specific investment advice should not be relied upon without knowledge of certain circumstances of market events, the nature and timing of the investments, and relevant constraints of the investment. Whitaker-Myers Wealth Managers has presented information in a fair and balanced manner.
Whitaker-Myers Wealth Managers is not giving tax, legal or accounting advice, consult a professional tax or legal representative if needed.
THE BENEFITS OF LONG-TERM DISABILITY INSURANCE
May 18, 2023
Stephen Armstrong
Whitaker-Myers Wealth Managers is an SEC-registered investment adviser firm. The information presented is for educational purposes only and intended for a broad audience. The information does not intend to make an offer or solicitation to sell or purchase any specific securities, investments, or investment strategies. Investments involve risk and are not guaranteed. Whitaker-Myers Wealth Managers reasonably believes that this marketing does not include any false or misleading statements or omissions of facts regarding services, investment, or client experience. Whitaker-Myers Wealth Managers has a reasonable belief that the content will not cause an untrue or misleading implication regarding the adviser’s services, investments, or client experiences. Please refer to the firm’s ADV Part 2A for material risks disclosures.
Past performance of specific investment advice should not be relied upon without knowledge of certain circumstances of market events, the nature and timing of the investments, and relevant constraints of the investment. Whitaker-Myers Wealth Managers has presented information in a fair and balanced manner.
Whitaker-Myers Wealth Managers is not giving tax, legal or accounting advice, consult a professional tax or legal representative if needed.
Copyright (c) 2023 Clearnomics, Inc. and Whitaker-Myers Wealth Managers, LTD. All rights reserved. The information contained herein has been obtained from sources believed to be reliable, but is not necessarily complete and its accuracy cannot be guaranteed. No representation or warranty, express or implied, is made as to the fairness, accuracy, completeness, or correctness of the information and opinions contained herein. The views and the other information provided are subject to change without notice. All reports posted on or via www.clearnomics.com or any affiliated websites, applications, or services are issued without regard to the specific investment objectives, financial situation, or particular needs of any specific recipient and are not to be construed as a solicitation or an offer to buy or sell any securities or related financial instruments. Past performance is not necessarily a guide to future results. Company fundamentals and earnings may be mentioned occasionally, but should not be construed as a recommendation to buy, sell, or hold the company's stock. Predictions, forecasts, and estimates for any and all markets should not be construed as recommendations to buy, sell, or hold any security--including mutual funds, futures contracts, and exchange traded funds, or any similar instruments. The text, images, and other materials contained or displayed in this report are proprietary to Clearnomics, Inc. and constitute valuable intellectual property. All unauthorized reproduction or other use of material from Clearnomics, Inc. shall be deemed willful infringement(s) of this copyright and other proprietary and intellectual property rights, including but not limited to, rights of privacy. Clearnomics, Inc. expressly reserves all rights in connection with its intellectual property, including without limitation the right to block the transfer of its products and services and/or to track usage thereof, through electronic tracking technology, and all other lawful means, now known or hereafter devised. Clearnomics, Inc. reserves the right, without further notice, to pursue to the fullest extent allowed by the law any and all criminal and civil remedies for the violation of its rights.
