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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Before you apply for long-term disability insurance, you need to get familiar with the requirements to have one. These requirements depend on a variety of factors, predominantly from the long term disability insurance policy you’ve previously signed and on the insurance provider you’ve chosen. In general, all long term disability insurance plans have some general aspects and terms you need to become familiar with, as well as how they work.
Full time or part-time work
Most long-term disability insurance plans require that you have a full-time job at the moment of disability. The exact definition of what a full-time job is and the working hours needed are usually described in the long-term disability insurance policy, so before you get your long-term disability insurance, make sure to get information on exactly what is included.
Elimination period
When you’ve experienced a long-term disability, before you’re eligible to receive long term disability insurance benefits, there is usually a waiting period. This period varies depending on your long term disability insurance policy and your provider, as well as you having or not having short term disability insurance. These factors are individual, so make sure to consult your insurance agent on what the conditions are for your long-term disability insurance policy.
Pre-existing conditions
Most long-term disability insurance policies have a section with pre-existing conditions that are excluded from the long-term coverage. To put it simply, conditions which are not covered in the long-term disability insurance plan, but only if you have them a certain period of time prior to signing the long term disability insurance policy. If these conditions or illnesses happened after you got your long term disability insurance, you will be eligible to receive long-term benefits for it.
Covered conditions
Before you sign your long term disability insurance policy, make sure to check which conditions are excluded from it. There are jobs that carry a risk of specific long-term disabilities, and if your job is one of those, you need to confirm that that type of disability is covered in your long-term disability insurance policy.
People slowly realize that long-term disability insurance is not only a benefit that’s good to have, but it’s also becoming a necessity. There are so many unpredictable things that can happen in life, some of them can leave you disabled for a long period of time. These types of situations require long-term disability insurance to be had, so the person can be protected not only financially, but also emotionally and psychologically.
We can provide you with highly-qualified and experienced insurance agents from across the country that can help you with anything related to long-term disability insurance. They can clarify any uncertainties you have, answer all your questions and offer you a long-term disability insurance plan that will protect your finances in the long run.