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Long Term Disability

Long term disability insurance can prevent you from losing your entire income if you become hurt or otherwise disabled and unable to work. There are two main types of disability insurance; short-term and long-term. Long-term insurance will potentially cover you for a longer period of time but offers smaller payouts than short-term policies on average. 

Long Term Disability Insurance Benefits

With long term disability insurance, you won’t have your entire income replaced by your benefits payments, but the policy will at least provide you with about half your base salary. Long-term disability insurance benefits will pay an estimated 40 to 60 percent of your typical wages. Though, you will generally have to wait at least 90 days after being disabled to collect compensation from your insurer.

How Long Do Long Term Disability Benefits Last?

Unlike short-term disability insurance, which will only pay benefits for up to a year in most cases, long-term options can provide benefits payments for your entire working lifetime. The type of policy you purchase will determine the extent of your payout. While all policies end payments once your disability ends, if it continues, you may have other options. For example, some long-term policies continue benefits payments for a specific number of years or up to retirement age.

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How To Buy Disability Insurance

If you need disability insurance, you have options. Your employer may offer a sponsored insurance plan and cover most premiums, but if they don’t, you can also purchase an individual disability insurance plan. With individual disability insurance policies, your benefits payments are tax-free, while employer-sponsored coverage requires beneficiaries to pay taxes on their benefits.

If you are shopping for long-term disability insurance, shop smart with a qualified insurance professional. Call My Healthcare Direct now to get started with a free quote on long-term disability insurance in your area.

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