Yes, you should take the long term disability insurance. Statistically speaking you are 8 times more likely to become disabled than to die. Almost 90% of disabilities are due to illness over injury. Be sure this policy covers both. For the vast majority of working Americans, their number one asset is the ability to earn a living. Long term disability insurance covers that asset.
Certainly long term disability insurance is risk management tool that every responsible person needs to seriously consider. The average working age American has about a 25% chance of being disabled for some portion of their life. So, 75% of us avoid disability if you look on the bright side but a 1 out of 4 chance that you'll be the unlucky person is pretty sobering. Your chances of being disabled for some period are far higher than your odds of winning the Powerball Lottery. And, if you do experience a disability close to 40% of those unlucky persons experience a disability period in excess of 5 years with the average disability lasting 82 months from recent figures I saw.
The challenge, as with so many things in life, is effectively managing all the risks that life presents us with. Health care, dental care, vision care, the risk of death, oh and somewhere in there you've got to eat and have shelter and live a life. I can't say that long term disability insurance should be your number one priority over eating but it's certainly more important than having a set of spinners on your car or having the ultimate man cave. Disability insurance should be high on your list of risks to manage and the younger in life you make the commitment the more economical it will be.
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The challenge, as with so many things in life, is effectively managing all the risks that life presents us with. Health care, dental care, vision care, the risk of death, oh and somewhere in there you've got to eat and have shelter and live a life. I can't say that long term disability insurance should be your number one priority over eating but it's certainly more important than having a set of spinners on your car or having the ultimate man cave. Disability insurance should be high on your list of risks to manage and the younger in life you make the commitment the more economical it will be.