Long Term Disability Insurance - What Is It?

Edulet

Active member
You may be able to get a long term disability payout if you are injured while working. You might need temporary disability cover until you get your job back. It is important to know the facts before buying this policy.

When you become injured at work, you can often buy a long term disability cover that will payout a percentage of your final salary once you can't work because of health reasons. In most cases, you have to be out of employment for three to twelve months before the long term disability benefit kicks in. However, some employers offer long term disability benefits even if you have been out of work for only one month. It is important to check with your employer. Sometimes, they can start the benefit the day you get injured.

There are many types of long term disability policies. Some cover a set period, called the "disability lift", whilst others provide continued benefits up to a certain amount per week. You can also get income protection insurance (IPI) as well as disability coverage that pays the full cost of medical expenses and the cost of care over a set period of time. With many disability policies, you may also be able to choose how the money is dispersed among your dependents. The policy usually determines who gets which payments.

It is easy to become confused by long term disability coverage quotes. Each insurer has its own rules about how their benefits are paid. It can be confusing, and it can be frustrating if you are not sure what you are getting. Your insurance policy may pay you only a fraction of what your medical conditions would cost if you were to become ill and be forced to take time off from work. Or it could pay you nothing at all.

To understand how your benefits will be affected if you are unable to work because of an illness or an accident, it is important to remember that these benefits are usually tax-free. They are simply a replacement for your wages while you are unable to work. Your dependents will not see any difference in the monthly benefit. However, if you are injured or ill while at work, your employer is usually required to compensate you under the regulations that govern their benefits.

This type of disability is very common. Many employers are eager to offer this kind of insurance to their employees, since it allows them to cut costs by not providing benefits during times when the employee is not well. In other words, it eliminates the costs of treating an employee who becomes ill or disabled while employed by the company. If your employer does not offer this type of insurance, be sure to look for one from another source. You are entitled to all of the same protections offered to those with permanent disabilities.​
 

Wisdom01

Valued Contributor
The long term disability insurance package actually range for a long time in terms of getting the required benefits and coverage by the insurance company ,most insurance company actually do charge more when it comes to insuring the long term disability package , because it's more than the short term disability insurance package interms of dayd
 

Nite

Valued Contributor
If someone loses their income because of being injured or sick, they wouldn't be able to cover the living expenses and additional medical bills. So, it’s important to have an additional protection in the form of long tern disability policy, for their finances to stay on track, if they experience any unexpected injury or illness.
 

Wisdom01

Valued Contributor
If someone loses their income because of being injured or sick, they wouldn't be able to cover the living expenses and additional medical bills. So, it’s important to have an additional protection in the form of long tern disability policy, for their finances to stay on track, if they experience any unexpected injury or illness.
Yeah things could end up or turn out in an unexpected way ,it would be better if the person actually have a protection cover for his income , because unwanted and un expected risk could happen at any point in time and for the person not to be too financially broke he or she would need coverage for his risk
 

Augusta

VIP Contributor
I will prefer to go for long term insurance policy maybe because the money involved will be big too when it comes to make your claim. Another good thing about long term insurance is the coverage period which is always higher too than going for a short term disability insurance policy
 
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