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
