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Many Evergreen Park, IL residents ask the Martin Insurance Team if disability insurance and long-term care insurance refer to the same thing. Disability insurance and long-term care insurance (LTC) cover two different things. Private disability insurance covers your loss of income while you cannot work up to the age of 65 years. LTC policies cover payment for the healthcare needed when you need long-term care.
Neither covers only the elderly, and most young professionals should carry both types of insurance. Why? Because an accident can happen at any time that temporarily debilitates you. The disability coverage goes beyond what your employer provides through workers’ compensation. If you don’t work for someone else or you’re unemployed because you care for your household and children, you still need these two types of coverage.
You can obtain either type of policy with a pre-existing condition. The insurance won’t cover those items.
Of the two, disability insurance is more critical for those not yet 65. It pays you up to 60 percent of your typical monthly income. That means that you can continue to pay your bills.
Private disability insurance covers both short-term and long-term situations. If you’re involved in an accident that causes you to need to stay home from work for three months while recuperating, this type of policy covers partial income during that time.
It also provides that partial income if your injury means you cannot work for ten years. During that ten years, as long as you continue to pay the premiums, the insurance pays for your partial income.
Protect your way of life and income in Evergreen Park, IL by purchasing private disability insurance from the Martin Insurance Team.
