Why would someone choose to get long term disability insurance even if they already have health insurance?

While health insurance provides coverage for medical expenses, long-term disability insurance serves a different purpose. Long-term disability insurance is designed to protect individuals in the event that they become disabled and are unable to work for an extended period of time. Here are some reasons why someone might choose to get long-term disability insurance even if they already have health insurance:

1. Income Replacement: Long-term disability insurance provides a portion of the insured person's income if they are unable to work due to a disability. This can be crucial for individuals who rely on their income to support themselves and their families. Health insurance does not typically provide income replacement.
2. Extended Coverage: While health insurance covers medical expenses related to illnesses or injuries, it does not necessarily provide coverage for an extended period of time. Long-term disability insurance can provide benefits for an extended duration, sometimes up to retirement age, if the insured person is unable to work due to disability.
3. Non-Medical Expenses: Disability insurance can cover various non-medical expenses that may arise due to a disability, such as mortgage or rent payments, utility bills, groceries, and other daily living expenses. Health insurance typically does not cover these types of expenses.
4. Job Security: Long-term disability insurance helps protect an individual's financial stability and provides a sense of security. If a person becomes disabled and is unable to work for an extended period, the income replacement provided by disability insurance can help them maintain their lifestyle and meet their financial obligations.
5. Supplement to Social Security Disability Insurance (SSDI): In some cases, individuals may qualify for Social Security Disability Insurance (SSDI) benefits, but these benefits may not be sufficient to cover all their financial needs. Long-term disability insurance can supplement SSDI benefits, providing additional income to maintain a comfortable standard of living.

It's important to note that the specific terms and coverage of long-term disability insurance can vary, so it's crucial to carefully review the policy and understand its limitations, exclusions, waiting periods, and other details before making a decision.