Many workers obtain life insurance once they become parents. However, according to one report, there is a greater likelihood that one will suffer a serious injury or illness rather than die before retirement. It is in these situations that long-term disability becomes a safety net for primary wage-earners. Georgia residents who have experienced these uncertain events can attest to the value of these types of policies.
According to the Social Security Administration, the average 20-year-old male worker faces a greater than 25 percent chance of suffering an illness or accident that results in the inability to work for an average of three years. Conversely, the same worker only faces slightly higher than a 7 percent chance of dying young. As such, it highlights the need for workers to access a stream of income for these periods. There are two ways to acquire these types of insurance — through one’s employer or the independent marketplace. There are pros and cons to each.
Continue reading There is a 26 percent chance long-term disability will be needed
