Injuries are a part of life in New Jersey; however, they can be very devastating if they are limit your ability to work. Thankfully, with long-term private disability insurance, you can take care of your needs and those of your family if you are unable to work because of a serious illness or injury. Keep reading to learn more about this type of insurance.
What is long-term disability insurance?
Long-term disability insurance is a type of insurance that can help you financially if you are unable to work for an extended period of time. Typically, this form of income protection covers serious injuries and illnesses that keep you out of work for at least three months.
How much does private disability insurance cover?
The amount of coverage that you can get varies depending on the private disability insurance policy, but it is typically designed to replace about 60% – 80 % of your income. The exact percentage will depend on how much money you make and what type of job you have.
Who needs private disability insurance?
Anyone who’s employed in an occupation that requires physical labor should consider private disability insurance. This type of coverage can be very useful when you’re injured or become ill and need to take time off work. Additionally, families with young children may want to get this kind of cover for their breadwinner; even if there is a stay-at-home parent, private disability insurance can cover their loss of income if they become ill or injured.
What does private disability insurance cover?
The specifics of private disability insurance depend on the policy that you choose; however, it typically pays out benefits for accidents and injuries as well as long-term illnesses, such as cancer and heart conditions. For example, private disability insurance may cover someone who is unable to work because they have a heart condition for up to two years while waiting for surgery.
In summary, long-term disability insurance coverage is a great way to provide you and your family with financial security in the event that an accident or illness keeps you from working. You cannot tell what will happen to you in the future, so it’s prudent to stay prepared.
