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Long Term Disability: Coverage Lasting to Age 65
Long term disability insurance is becoming more important as medical advances have turned deaths into manageable conditions - some very lengthy. A long term absence from work can wipe out years of savings.
- Coverage - benefit options important to know
- Claims - how to simplify the process
- Attorneys - what if you need expert help
Long Term Disability Quotes Impairments lasting more than six months may a high probability of lasting a lifetime. Don't be caught unprepared. Get a quote to see how affordable the premiums might be. Why take chances with your ability to provide for your family's needs.
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Option That Makes Payment More Quickly When reading blogs and websites that discuss protecting your income from a long term sickness or injury, writers often focus only on the obvious: plans that replace income until age 65. But these plans make you wait before payments begin. If you don't have enough savings to last three to six months, what good does that do? Pick a plan that begins payments right away instead.
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Long Term Disability Insurance Coverage
Long term disability insurance coverage benefits can be broken down into five categories:
- Benefit Amount
- Benefit Period
- Key Provisions
- Riders
- Elimination Period
Payment amounts are expressed in by the percentage of income replacement; typically 50% to 60%. There may also be a hard dollar cap which may reduce the actual percentage of income replaced. Also look carefully at how the policy language defines income. Policies may treat salary, commission, and bonus payments differently. Often variable pay is not included.
The benefit period is the length of time that benefit will be paid. Typical benefit periods are 5 years, 10 years, or to age 65.
There are several key provisions to look for in a long term policy. An "own occupation" definition provides a higher level of protection for those in skilled occupations than does an "any occupation" definition. Guaranteed renewable means that the policyholder can't be dropped from coverage if his health deteriorates. Non-cancellable means the premiums will never change.
Riders might include a cost of living adjustment, and a residual benefits rider provides additional protection in the event that the policyholder gets a new job with a higher salary.
Elimination period refers to the length of time you must be unable to perform the duties of your full time occupation before benefits begin to be paid. The shorter the elimination period, the higher the premium. Typical elimination periods are three to six months.
If you don't have three to six months of savings short term disability insurance may be a better fit. It offers shorter elimination periods and the premiums are made more affordable by limiting the benefit period.
Long Term Disability Insurance Claims
Knowing the long term disability insurance claims process becomes critically important should you be unable to work due to a covered sickness or accident. There are several steps one should take to ensure that your claim is handled promptly. Remember that the insurance carrier will ask for complete documentation because they will be audited.
Know your policy. If you believe that you have a claim the first thing to do is read through your policy carefully. Become familiar with the terms of your contract in order to understand what the carrier needs to pay your claim.
Get organized. Keep records of everything relating to your claim and keep them in a safe place.
Document your communications. Keep detailed notes of every conversation with the insurance carrier: include dates, names, and case numbers.
Long Term Disability Insurance Attorney
