Long Term Disability

It is an unfortunate reality of life that some individuals may become so grievously disabled that they are unable to perform normal and regular job functions for length periods of time, or even permanently.  Because it is necessary for these individuals to continue to pay off debt, pay monthly household bills, and sustain themselves while not receiving a regular paycheck, benefits may be sought through long term disability.  Before you find yourself in a position of financial instability, look into your own options for long term disability today to provide a safety net for your own future.

Best to have disability insurance

You can invest in long term disability insurance either through your place of work, through a professional, fraternal or union organization, or as a private citizen.  In some locales, you can also invest in long term disability that is offered directly by the local or state government instead of by a private insurer.  No matter which method you choose to pursue or that is readily available in your area, it is important to enter into this investment that may become your lifeline.

Choosing an insurance plan

Before choosing the long term disability plan that will offer coverage to you and your family, it is important to understand what long term disability is – and isn’t.  Long term disability is not an insurance option that will cover medical costs or any absences from work that are strictly shorter in term.  It will not directly pay your bills or contribute to your retirement plan.  What long term disability insurance does provide is a portion of your pre-disability salary, to enable you to continue to meet your financial obligations throughout the period of time that you are unable to work.  Long term disability plans require certification by your doctor that you cannot undertake your normal work duties and so must remain at home instead of going to your place of employment.  There is often a waiting period of several months before you can qualify to collect long term disability payments.  During this time, you may be eligible for sick time payments from your employer or short term disability benefits.

Long term disability payments are not meant to supplement other forms of income but instead are meant to pay out as one’s only source of income during the course of their disability.  The benefits paid may be lower than 100% of pre-disability income, and you should investigate plans carefully before making a choice to ensure that you have the largest level of coverage available.