Long Term Disability

The top financial concern of Americans in 2018 was paying for unexpected expenses. What would you do if you were unable to work because of an illness or injury?  Would you be able to pay your bills? Would you continue to save for retirement or college funding? 

The financial impact of disability can be devastating. Long-term disability insurance protects your financial security if you can’t work because of an illness or injury.  

Yes, It Can Happen To You

American workers see the chances of becoming disabled as very small. One study shows that 65% of workers believe that the chance of becoming disabled is 2% or less. In fact, the chances of becoming disabled before retirement are shocking. A 28-year-old worker has a 28% chance of becoming disabled before retirement.

What Is Long-Term Disability Insurance?

Long-term disability insurance pays a benefit if you can’t work because of illness or injury. All long-term disability plans have a few things in common.

The “Definition of Disability” describes when long-term disability benefits are payable.  The benefit period is how long the disability benefits are payable. Long term disability insurance benefits are paid for 2 years, 5 years, or to age 65  depending on the policy. 

The elimination period is how long after disability occurs do benefits get paid. It is anywhere from 30 days to 1 year. Disability plans also have exclusions that describe when benefits aren’t payable If you can’t work.

 The insurance company will expect you to prove you are disabled and can’t work. They want to know three things:

  • Are you under the care of a doctor?
  • Does the injury or illness prevent you from doing your job?
  • Are you receiving any income from employment?

 

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More On Long Term Disability Insurance...

Anyone covered by Social Security may be eligible for disability benefits. If you are eligible, you can collect long-term disability and social security benefits.  Social Security Disability benefits are based on the worker’s contributions, but they are also difficult to get. 

Only 34% of people who apply are awarded benefits. Minor children and a spouse caring for them may also be eligible for benefits. The average SSDI payment in 2019 is only $1,234 per month.

Long-term disability plan benefits are often “bundled” with social security to reduce cost. The insurance company reduces your benefit by any social security benefits that you receive. You will have to repay any long-term disability payments made by the insurance company that were also paid by social security.

The insurance company can’t drop you or change your premium. 

The insurance company can’t drop you, but they can change the premium.

The benefits payable for working part-time.

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