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Long-Term Disability Insurance Is Something Everyone Should Buy

By Erik Folgate

As a twenty-something, I have really never paid attention to long-term disability insurance.  Because I am in the prime years of my life, I have this feeling of invincibility like nothing could happen to me.  I feel great and I work at a desk job.  But lately I started thinking about how one tragic event could change my life forever, and it made me realize that this insurance product is for everyone. 

Imagine never being able to work a full-time job ever again.  What kind of strain would that put on your life?  You would be forced to live off of disability social security which is about $800 – $1200 per month.  That would put you at the poverty level.  The great thing about long-term disability insurance is that it is generally very cheap for the amount of coverage that is provided much like level term life insurance.  The number one factor for what kind of premium you will pay is your occupation, not your health.  If you have a desk job, then this insurance is very cheap, however, if you have a manual labor job, you may need to hold off on this type of insurance.  It may not be worth it to pay hundreds of dollars per month, but generally you can get this insurance for less than $50 per month, and you will not have to worry about eating dog food if you ever become paralyzed, blind, or incapacitated in any way. 

I hope this opens up the eyes of other fellow Under 30 people, because I used to be ignorant to the fact that I need to be insured for this type of catastrophic event.  It is very hard to think that this will ever happen to us, but it does, and we need to be real when thinking and preparing for all of life’s situations. 

Erik Folgate
Erik and his wife, Lindzee, live in Orlando, Florida with a baby boy on the way. Erik works as an account manager for a marketing company, and considers counseling friends, family and the readers of Money Crashers his personal ministry to others. Erik became passionate about personal finance and helping others make wise financial decisions after racking up over $20k in credit card and student loan debt within the first two years of college.

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