Whatever solutions are found, it is likely that Social Security will provide you with smaller benefits than it gave your parents. A. Many of us have life insurance, however very few of us have long-term disability coverage. Long-term disability insurance is fairly expensive, and people tend to think that they will be protected by workers' compensation or other sources. A. Worker's compensation covers injuries that happen on the job. Benefits vary widely from state to state, since benefit amounts depend on state provisions.
Most states pay benefits for the employee's lifetime in cases of permanent total disability.
To get details on worker's comp benefits, contact your state Department of Labor. In addition to the requirement that an injury be work-related, the payments you would receive under worker's comp may be inadequate. Look for a policy that provides coverage for this level. When you shop for a disability policy, be ready to prove your income level. If you purchase the policy and pay the premiums yourself, the income received will not be taxable.