{"id":941,"date":"2022-11-14T13:15:00","date_gmt":"2022-11-14T05:15:00","guid":{"rendered":"https:\/\/sg-financialadvice.com\/UnderstandingCareshieldLife\/?p=941"},"modified":"2022-11-21T13:13:10","modified_gmt":"2022-11-21T05:13:10","slug":"heres-why-you-should-consider-getting-a-long-term-disability-insurance","status":"publish","type":"post","link":"https:\/\/sg-financialadvice.com\/UnderstandingCareshieldLife\/heres-why-you-should-consider-getting-a-long-term-disability-insurance\/","title":{"rendered":"Here\u2019s Why You Should Consider Getting a Long-Term Disability Insurance"},"content":{"rendered":"\t\t
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If you look around you, you'll realize that disability isn't just a problem that solely affects the elderly; it can happen to anyone. Even young, healthy people can become incapacitated overnight and become fully reliant on others for the most basic activities\u2013 whether it\u2019s due to an accident or a sudden illness.\n<\/h4>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Many of us had the misconception that only the elderly experience disability. However, it appears that this is not the case, as the three leading causes of impairment in Singapore\u2014 <\/span>accidents, disease, and old age<\/b> are not only based on a person’s age at all.\u00a0<\/span><\/p>

And that’s when we come to realize that, just as the healthiest person might be diagnosed with cancer out of the blue, the unluckiest person can become crippled overnight.<\/span><\/p>

A young man in his 20s became totally dependent on a caregiver, at an age when impairment is least likely to strike. He was involved in an automobile crash that left him with lasting injuries.<\/span><\/p>

Another example:<\/strong> a lady in her mid-30s who was the family breadwinner, yet is now undergoing therapy at a hospital after slipping down the road and suffering a stroke.<\/span><\/p>

Sure you can imagine how hard it can be for someone suffering from a disability to pick themselves up from the situation, and how much more difficult it would be for them if they also face financial difficulties. It will be even more stressful, not only for the victim but also for their loved ones, who may now have to be the primary caregiver, footing the additional expenses, and taking on other responsibilities.<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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Assess your household expenses<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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This is why it’s important for partners to have an in-depth conversation regarding long term care. Assess your current household expenditures\u00a0 and consider this scenario:\u00a0 If one of you were to quit contributing your income, then you would eventually be facing difficulties because your emergency funds can only last us up to a year of spending.<\/span><\/p>

So now take time to review your insurances and make sure that the basics (health, life, critical illness) are covered. Long-term disability insurance is something that needs to be discussed well with your partner.<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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Protect yourself from unanticipated events <\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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In life, we all experience our share of highs and lows. Some situations may be positive, while others may be negative. Things can eventually go wrong, but we can take actions to protect ourselves and the people we care about as much as possible.<\/span><\/p>

Having a savings cushion in case of an unexpected expense is essential. These will help you get by in the event of an emergency, such as losing your job or incurring an expensive medical bill. In addition,<\/span> insurance <\/b>plays an important role in saving you from any financial risks.<\/span><\/p>

Let’s say, you and your partner have 5 kids and are struggling to make ends meet after one of you loses your job. As you lose another source of income, your budget allotted for the family is also reduced. While you can\u2019t afford to mess things up and face the risks, you can consider some types of insurance like life & health insurance. Don\u2019t forget the long-term disability insurance if you don\u2019t want to burden your kids financially in the future.<\/span><\/p>

The truth is that we should be carefully planning for our children’s education, parent’s retirement, and our own, since any significant and unexpected hit might potentially ruin our entire plan.<\/span><\/p>

This emphasizes the need of insurance in protecting against potential loss of income due to unforeseen circumstances. Furthermore, disability is another situation that is extremely grave and should not be overlooked.<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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Does one require disability insurance?<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Take a look at these facts and make up your own mind:<\/span><\/p>