Life can be unpredictable, to say the least. We all like to believe that we have at least a modicum of control over it, but the truth is that things can take unexpected turns very easily. Are you ready to face those unexpected circumstances and challenges? Do you have the protection you need in place to weather the storms that you'll encounter?
Long-term disability insurance (also called LTD), is one of the most important forms of protection to have in order to ensure that you're able to face whatever life throws your way. This type of insurance is designed to kick in when you're unable to work due to long-term illnesses and injuries, and protects your financial present and future through regular monthly payments if you cannot work.
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To help you understand what a short term disability insurance quote is and how it works, we’ve compiled a list of some of the basic terms of short term disability insurance.
Disability insurance – a type of insurance that will cover a portion of the worker’s income in the event that he or she experiences an injury that will prevent them from working their work and earn money.
Long term disability insurance – a type of insurance that will cover a portion of the worker’s income in the event that he or she experiences an injury that will prevent them from working their work and earn money for a short period of time – usually beyond 2 years.
Own occupation – when the insurance policy is own occupation, it means that the worker is unable to work only their own job/a job in their field.
Any occupation – when the insurance policy is any occupation, it means that the worker is unable to work any job at all.
Qualifications –before becoming eligible to receive a long term disability insurance quote, you need to meet certain requirements, known as qualifications.
Benefits – The amount of money the worker will receive from their long term disability insurance quote in case of a disability. It’s usually stated as a amount of their monthly salary.
Residual benefit – when the policyholder is provided only with part of the total benefits of the long term disability insurance policy. If working partially.
Claim – a request for payment under a long term disability insurance policy.
Maximum benefit period – the maximum amount of time when the disabled worker is eligible to receive benefits according to their long term disability quote.
Maximum benefit – the maximum amount of money the worker can receive through their long term disability insurance policy.
Elimination period –the period between the start of the disability and when the benefits start paying.
Insurance provider – the company that is offering the long term disability insurance quote and with whom the worker has signed an insurance policy.
Pre-existing Condition Limitations – conditions that existed before the disability happened that are excluded from the long term disability benefits.
Exclusions – conditions that are not covered by the long term disability insurance policy.
Waiver of premium – if a worker becomes unable to work due to a disability, they don’t need to pay premiums for the period of time when the benefits are paid out to them. Not all long term disability policies have waiver of premium.