Start young and it will cost you less
One insurance that was not available to the generation before us is long term disability. This insurance pays a portion of your income to you if you become disabled during your working years. Long term disability is paid out if you are going to be unable to work for longer than six months. The amount that is paid to you depends upon what type of policy you have taken out.
When I was offered long term disability in my past job my premium was based on what percentage of my income I wanted to receive should I become disabled. I could pay to receive up to eighty percent of my salary. The interesting thing about long term disability is that the younger you take out the policy the cheaper the rate is, and it will not go up.
