Most advisers recommend the day you start working full time. Most American workers have 90 days in cash reserves to pay household expenditures. The average long term disability is around 30 months and the odds of a disability event during your working years is significant. And while Social security disability is available, it’s benefits may not be enough, so purchasing individual disability insurance is necessary and part of your defensive financial plan.
Agent Owner, Gilmore Insurance Services, Marysville, Washington State
When to buy long term disability insurance? When you look at your ability to maintain the lifestyle you want if you no longer can draw a paycheck and are disabled. If you couldn't work right now, how long before everything goes? The answer you provide really gives you the when part of buying insurance.
The best time to buy long term disability is when you are young and healthy. Rates are based partially upon age at time of application, so buying young helps save money over time.
Every policy application will require a detailed medical history. Many people wait for their health to deteriorate before getting motivated, and the carrier declines the policy application. Buy when you are still healthy enough to qualify for coverage.
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Every policy application will require a detailed medical history. Many people wait for their health to deteriorate before getting motivated, and the carrier declines the policy application. Buy when you are still healthy enough to qualify for coverage.