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There is a 26 percent chance long-term disability will be needed

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.

If one is able to obtain disability insurance through work, the cost of the premiums will likely be lower. However, the coverage will likely also be lower. A good policy will replace at least half of the primary earner's wages. Unfortunately, work-based policies often have a narrow definition for qualifying claims and have a limited coverage period as well as annual caps.

A private market policy will cost considerably more but will also provide more coverage. In addition, private policies may pay even when a worker is still able to perform work outside of one's usual occupation. If a workplace offers coverage, it may provide a starting point that could be supplemented with an additional policy. Sadly, when one suffers an injury or illness and needs to rely on these insurances, Georgia residents may encounter difficulties in filing a valid claim. An attorney who specializes in long-term disability may prove to be an invaluable resource in obtaining the benefits to which one is entitled.

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