Long Term Disability Insurance
Long Term Disability Insurance
First things first, why should you purchase long term disability insurance? The simple answer would be so that in case you become disabled as a result of an injury or illness and can no longer work, you would still be able to support your living expenses.
A long term disability insurance policy pays you a monthly amount in case your disability prevents you from working and therefore earning an income.
In addition to supporting your living expenses, long term disability insurance will also help safeguard your personal financial health. By providing you with monetary benefits, long term disability insurance gives you the income you need in order to pay for your monthly bills, mortgage payments, groceries, and whatever expenses you may have.
Long term disability insurance policies differ from one company to another. Often, you get the policy benefits that you paid for. In order to choose the best policy suitable to your needs, you need to review the following components of a long term disability insurance:
Benefit Amount
This is the amount of monetary benefit that you receive from your insurance company in case you become disabled. Some long term disability insurance policies are based on your salary, paying you a portion thereof every month. Other policies, on the other hand, provide you with a specific fixed amount every month as disability benefits.
Benefit Period
A long term disability insurance may last anywhere from five years or until you reach the age of 65. Note that the length of the period will be directly proportional to the cost of the policy.
What Disability Means
Different insurance companies may have different definitions of a disability, so that in order for you to be eligible for disability benefits, your disability must fall under their definition of the term.
There are two basic types of disability that are covered under long term disability insurance. These are:
* Own Occupation (Own Occ). Under this type of long term disability insurance, your disability must be one where you are no longer able to perform your particular occupation. If your career is skill-based, this is the best type of disability benefit available. Your earning potential is typically higher with career skills.
* Any Occupation (Any Occ). This type of disability makes you unable to perform any type of occupation.
Be sure to read your policy carefully so you will know the extent of the disability before you can start receiving monetary benefits. Note also that some long term disability insurance policies include a guaranteed future insurability feature. This means that your policy automatically covers you even as your income grows in the future and this even without formally reapplying for increased coverage or paying for extra premium.
Disability Insurance
Short Term Disability Insurance
Social Security Disability Information
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