Sometimes your employer offers group LTD coverage, but what happens when you switch to another job that doesn’t have it, or you get disabled while unemployed? Not all group plans are convertible to individual policies. Here is a chart that shows the average duration of disability claims lasting more than 90 days, measured from the start of disability to (at most) age 65. According to a Harvard study, lost income due to illness was a contributor in 40.3% of all personal bankruptcies in the US. According to the Social Security Administration, just over 1 in 4 of today’s 20-year-olds will be become disabled at some point before reaching 67. I would say that the insurance with the highest ratio of most-needed to least-bought would be long-term disability insurance.
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