The Truth About Long Term Disability Myths

long term disability

Insurance companies are the biggest purveyors of long term disability insurance myths, because their intent is to protect their financial interests. You see, insurance companies would prefer it if you were to pay into a system and never benefit from it. However, these myths and distorted facts often prevent those who qualify from filing long term disability claims. If you would like more information about the truth behind these long term disability benefit myths, please read on, then contact one of our experienced nation-wide LTD benefit lawyers today.

What are the most common long term disability benefits myths?

If you are earning a paycheck, it might seem unlikely that you would not be able to keep working and that your income would be at risk. However, injury or unexpected illness could knock anyone – even the breadwinner – out of the workaday world. One in four adults lives with a disability and if you are one of them, you should know the truth behind the following myths:

  • You do not need LTD insurance if you have coverage at work: Most employer plans cover just a portion of your salary and benefits are typically taxable, which means your income will decrease after an injury.
  • You work part-time: Regardless of the number of hours you work, you can purchase personal disability income insurance.
  • Disability insurance costs too much: You can ensure your current lifestyle for generally around one to three percent of your salary.
  • You can buy disability insurance later: People usually do not get healthier as they age, so coverage might cost you more if you wait.
  • You have an emergency fund: While having an emergency fund is critical to any financial plan, you still have to consider how long it would actually last if you had to use it to pay monthly bills.
  • Your spouse’s paycheck will fill the gap: If your lifestyle benefits from both of you working, one spouse’s paycheck likely will not provide enough income to support your family.
  • You will use Social Security benefits if you need them: The process for qualifying for Social Security disability benefits is challenging and time-consuming and seventy percent of initial applications face a denial. Even if your request were approved, the benefits would be highly regulated and may cover just a small portion of your current paycheck.
  • Since your job is not dangerous, you will not become disabled: Most illnesses and accidents happen outside of work, which may affect your ability to rely on workers’ compensation insurance.

Do not let misinformation dictate your decision-making. If you have any questions, please give one of our skilled long term disability insurance attorneys a call.

Contact our experienced nationwide firm

If you or someone you know is looking to receive long term disability benefits, contact Walker & Hern for a free consultation.

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