Long Term Disability Insurance Explained

How would your family cope if you were unable to continue bringing home a steady income? Many families would find the loss of the main family income the beginning of significant financial hardship, and even possible loss of assets such as the family home and car. Purchasing NJ disability insurance may help lower the risk of losing everything, if you suffer a long-term disability or illness that prevents you from working.

What to look for in a long term disability insurance policy:

• Typically, there are two main types of pay out circumstances. The first is if you’re unable to perform your normal job. The second is if you’re unable to perform any job. The payout option is your choice when you purchase the disability policy.
• Be sure the payment trigger date or waiting period is suitable for your expected needs. This means if you don’t usually have a lot of savings or holiday time owing a shorter waiting period may be the best option for you.
• Coverage length: Depending on your policy, long-term disability coverage can be as short as two years or continue until you reach retirement or 65 years of age.

Long-term disability insurance may be an essential policy to help financially protect you and your family if you are unable to fulfill your work duties, but it’s crucial you purchase the policy that best suits your lifestyle and your budget. Because there are many policy variations, speak to your agent if you require further information on NJ disability insurance.

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