Long term disability Insurance quote glossary

To help you understand what a long term disability insurance quote is and how it works, we’ve compiled a list of some of the basic terms of long 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

Long Term Disability Insurance - Why You Need It & How to Get It

The importance of getting long term disability insurance quote has been shown throughout the years. Especially nowadays, with the stressful life we’re living and the increased number of accidents, getting a good long term disability insurance quote is vital to the safety and financial stability not only for yourself but also for your family and close ones.

The most frequent cases when you need a long term disability insurance quote are:

-        You need additional coverage besides the one you have from your job

-        You don’t have enough resources to cover your monthly expenses for more than a few months

-        You want a long-term solution to your financial worries

-        You are at high risk of being disabled at any time during your work life

But how exactly can you find the right long term disability insurance quote? For that, there are a couple of things the insurance policy includes:

-        Full time or part-time work - most long term disability insurance quotes require that you have a full-time job and are working 30 or more hours per week. Some disability insurance companies will allow part time employees or individuals just working 20 hours per week.

-        Elimination period -  before you can start to receive long term disability insurance benefits, there is usually a waiting period which varies from one provider to another . This is the period of time you have to not be working after a disability occurs.

-        Pre-existing conditions - most long-term disability insurance quotes have a section with pre-existing conditions that are excluded from the long-term coverage. Each company is different and this is the reason it so important to read your contract.

-        Exclusions– conditions that are excluded from the long term disability insurance quote.

Ways to Get Long Term Disability Insurance

If you’re currently looking for the best long term disability insurance rates that will get you the right coverage if you become disabled, the first step is finding the best long term disability insurance policy. The process of applying and receiving long term disability insurance benefits requires you to find your long term disability insurance rates first. To do this, you need to do the following:

Find out your long term disability insurance rates

Getting the right long term disability insurance rates is the first step in getting a long term disability insurance policy. To do this, you need to find an insurance agent that will calculate your long term disability insurance rates, or get them online through various online calculators.

Fill out an application form

Once you have found which insurance company offers the best long term disability insurance rates, you need to fill out their application form. This application form contains personal information such as age, occupation, weight, medical state, lifestyle, habits and other things that will help the insurance company give you the right long term disability insurance rates.

Take a medical test

The medical test is done to appraise your overall medical state to determine how inexpensive or expensive your long term disability insurance premium will be. The disability insurance companies can put you in several different rating categories. Some insurance companies offer No medical exam disability insurance.

Pay your monthly premiums

All that’s left once you receive your long term disability insurance policy is to pay the monthly premiums which are the cost of your policy.

Are You Looking For Long Term Disability Insurance Benefits ?

If you’re on the market currently looking for long term disability insurance benefits, there are a couple of things you need to know.

First, what exactly are long term disability insurance benefits?

Long-term disability insurance is a type of insurance that protects an employee in cases of them being disabled for a longer period of time.

Why do people get long term disability insurance?

The most common reasons why people use long-term disability insurance is disability caused by injuries, chronic pain, diseases or other medical conditions that deem them unable to work for a longer period of time.

How do long term disability insurance benefits work?

If you become disabled, the long term disability policy doesn’t activate immediately. Instead, you receive your short term disability insurance benefits for the first couple of months (3 to 6 months), and after that the long term disability insurance kicks in.  Every plan and policy is slightly different between policies and carriers.

How can you get long term disability insurance benefits?

The process of applying and receiving long term disability insurance benefits requires you to have a long term disability insurance policy first. To do this, you need to do the following:

·         Fill out an application form

·         Take a medical test

·         Pay your monthly premiums (the cost of your policy)

Once you’ve received your long term disability insurance policy, you will be protected. If you become disabled during the time you have this insurance policy, you will receive the monthly benefits that come with it.

Visit here for more detail Information about Long Term Disability Insurance Rates & Long Term Disability Insurance Quote

Importance of Long Term Disability Insurance

Although long term disability insurance does come with its costs, it’s one of the best decisions you can make in your life, not only for yourself but for your close ones as well. It brings some invaluable benefits for you and your family, both financially and emotionally, some of the most important ones being:

-        It provides financial stability for you and your family

-        It guarantees you a monthly source of income if you’re unable to produce one by working

-        You will be able to cover your regular monthly utilities, rent, groceries or debt payments

-        It allows you to take the time to heal and recover from your injury without worrying about finances

-        Minimizes the risk of you falling into major debt as a result of lack of finances

-        You won’t need to purchase additional disability insurance policies to protect your income

-        If you buy your long-term disability insurance through group coverage, it will be more affordable

When you take into consideration the following statistics, long term disability insurance becomes that much more important:

-        61% of workers have been disabled for 3 months or longer than 3 months

-        1 of 8 workers will be disabled for 5 or more years during their working life

-        65% of working Americans consider they wouldn’t be able to cover their living expenses even for a year if they became disabled

-        The average individual disability lasts for 31.6 months

What’s the difference between long term care and long term disability Insurance

While long term disabilityinsurance and long term care are both similar regarding the purpose they serve, both are in fact completely different from one another. Both protect your financial stability in cases when you’re unable to keep providing for yourself, but in a totally different way.

Long term care can be initiated at any time you’d be unable to keep taking care of yourself or you need care for any aspect of your life, while disability insurance covers your financial expenses if you’re unable to keep earning as previously due to a disability.

For instance, disability insurance replaces a portion of your income caused by a disability that stops you from doing your job.  Disability insurance will provide you cash and you can choose how to spend the funds. This could be used for your mortgage, utilities, gas, or groceries. It is your discretion how you would like to use the benefits from disability insurance.

On the other hand, long term care insurance pays for a portion or all of the costs of care giving you might need due to any physical or cognitive disability. Long term care insurance reimburses any costs for care received in assisted living homes, skilled nursing facilities or at your own home. There are certain limitations regarding how much coverage you’re eligible to receive, when, and from where.

Visit here for more detail about Long Term Disability Insurance Quote

How to Find a Best long term disability insurance Company on the Internet

Long term disability insurance is a complex type of insurance that no one wants to need in their life, but there are many cases when they do. And since there are so many things to know and be informed on, you need a good long term disability insurance company to provide it to you. But how exactly do you find it?

Among all the insurance companies out there, you need to tighten your choices through the following criteria:

1. The different rates at which the long term disability insurance offers their insurance policies

You need to analyze the rates the insurance carrier offers and find one that best suits your needs and budget. There are many cases when people overpay their insurance policies and end up paying more than needed.

2. The rating of the long term disability insurance company

As online companies, you can easily find some online reviews of the long term disability insurance providers and see which ones rank better than others according to clients.

Additionally, all insurance providers are reviewed by credit rating agencies like A.M. Best, Moody’s, Fitch, and Standard & Poor to assess their ability to meet their current credit obligations. Based on these reviews, the company receives a mark, so you can look for the reviews and rely on the grades.

Other elements you need to pay attention to when choosing a long term disability insurance provider include the price of the policy, the benefits period and amount of the benefits.

Visit here for more detail about Long Term Disability Insurance Quote