Long Term Disability Insurance When Just Entering the Workforce
Posted on: Wednesday, October 28th, 2009
When we leave school and embark upon our first real position in our careers, we find ourselves in an enormously exciting time in our lives. For one thing, all the hard work we put forth in our schooling is now coming back to us in terms of being able to start our careers in a great position with a good company; and for most of us, this marks the first time in our lives when will be earning a steady paycheck.
But this time in our lives is also fraught with decision making – some decisions that we had never before considered. Now that we are out by ourselves in the real world it may be fitting to consider the purchase of life insurance – especially if we are newly married. This of course protects our spouse – or other family members – in the event of our death and gives them the financial resources to settle our debt and meet other financial responsibilities. In addition, now may be the time that we are also considering other types of insurance including auto insurance (something that mom and dad may have footed the bill for up until this point) and renter’s or homeowner’s insurance.
But another, equally important, insurance consideration is that of disability insurance. While dealing with a disability is something that we give little thought to when we are young and healthy, the reality is that disability does affect even the young and able bodied. And if it does, we could easily be in a situation where we are once again financially dependent on our parents and perhaps even unable to live on our own.
We certainly don’t want to focus on such possibilities, but we do need a plan. Long term disability insurance will protect our interests should we face an illness or injury and find ourselves without our paycheck. In such a situation, disability insurance will give us the financial wherewithal to make it on our own.
Readmore DownloadDisability Insurance Throughout a Lifetime, Part II
Posted on: Wednesday, May 20th, 2009
As adults we are called upon to face many responsibilities, not the least of which is caring for ourselves and our families both financially and otherwise. In the last post we talked about how we put provisions in place so that we can rest assured that we are well covered should we face unexpected circumstances – life insurance, health insurance, car insurance, savings – as well as expected events like retirement, and college tuition.
As we discussed, disability insurance is one of those insurance policies – much like life insurance – that tends to be an over and done consideration. It’s difficult to face our own mortality as well as the possibility of an illness or injury stripping our ability to work and earn a living. And so we quickly go through the process of choosing a policy that fits our needs and begin making premium payments. We push the existence of such policies from our mind, all the while safe in the knowledge that we will be protected if something should happen.
The problem with putting these policies completely to the wayside is that allows us to continue paying premiums on a policy that may no longer fit our life. With disability insurance it is important to reexamine our policies to make sure that what we have protecting us is indeed enough as the circumstances of our lives change – marriage, kids, divorce, upcoming retirement, and so forth.
To begin with, be sure to work with a reputable company when purchasing your disability insurance; an organization that has a solid standing in the industry and employs representatives that are communicative and responsive to their policyholders. This will make the ongoing process of checking on your disability insurance policy a smooth and virtually painless one, as your insurance representative will be able to guide you through the options open to you as your situation changes.
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