The term Long Term Disability Insurance usually applies to a policy that provides a disability benefit up to age 65.
When most people think about insurance the first thing that comes to
mind is auto insurance, life insurance or may be a policy that would
protect their homes in the event of some type of catastrophe.
These people may even own other property like jewelry or art that they consider valuable enough to insure. The interesting thing is that all these things you acquire are as a result of your earning power...your ability to get up each morning and go to a job.
In some cases this job is your own business. Ask yourself..."do I need this type of insurance coverage?"
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What if you were not able to go to this job because you were sick or hurt for an extended period of time...you became disabled?
The Initial Period Of Long Term Disability
Some companies offer their employees short term disability insurance with an elimination period of as little as 30 days. If you are fortunate enough to have such a plan you will have some sort of income on which to carry on. Disability insurance provides an income up to 40% or 60% of your gross income.
If you don't have a short term disability plan and you have been a good money manager you will still be alright as you would have some savings or investments that you can live on while you recover. It would seem to me that these are not the best solutions.
Long Term Disability Insurance As Your Best Answer
The ideal situation is to have a disability insurance policy which would pay you the maximum allowable income...about 60% of your gross income...while you are disabled. If you became disabled this income would be payable to you every month until age 65.
You can choose an elimination period...this being the interval before you begin receiving payment...of 30 days, 60 days, 90 days, 180 days or about one year. It is important to note that...with disability insurance...the shorter the elimination period the higher the premium.
Definition Of Disability
Of vital importance is the definition of disability. Be very careful about this as there are some companies that indicate that you are disabled if you are unable to work in your own occupation knowing very well that the contract itself does not so describe disability. Your contract must clearly describe disability as not being able to perform in your own occupation.
If your long term disability insurance policy uses the phrase any occupation you have to be a basket case to collect any money. The feeling is that even if you cannot work in the occupation for which you are trained you can work at some other job and as a result of this some companies will not pay.
Let me repeat...the definition of disability..in your long term disability insurance policy must clearly say that if you cannot work in the occupation for which you are trained you are disabled.
The premiums of the policy will be waived during your disability. See links below for more on disability insurance.
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