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.

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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.

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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.

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