Does your company offer long term disability insurance? At most companies it is an optional insurance that you have to pay for. I believe mine is around $40 per month. I have actually had one company where is was free, but those I few an far between.
Why should you sign up for long term disability (LTD) insurance? Long term disability insurance is something that most young people don't want to sign up for. They figure I will never be disabled and won't need it. Long term disability programs vary, some pay 50% to 66% of your salary for life up to a certain benefit amount and life time amount. For the price of a cheap family dinner per month or roughly a cup of coffee per day it is worth the price to sign up for LTD at your company.
Can you purchase long term disability outside of a company? The answer is yes, however in most case it will be very expense for you to purchase this type of insurance on your own directly from an insurance company.
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