Learn About Long-Term Disability Insurance

If you have had an injury that has left you unable to work years, you should get a long term disability insurance. The duration of short term disability insurance is up to two years or less depending on policy. On the other hand, the duration of a long term insurance policy is longer in many cases. On average, individual disability claims can last up to three years. You may find yourself in hot water if you don’t have another source of income. This is where you can depend on long term disability insurance policy. Let’s answer some common questions about this policy. 

Should you go for a Long Term Disability Insurance quote?

A lot of people suffer from disabilities from time to time. If you have a policy, you can manage your household expenses more easily during this difficult time. Although you can depend on your savings but they may run out after a while. Therefore, you should think about getting a separate policy. 

What Is Considered a Long-Term Disability?

A long term disability is defined as an illness or injury that makes you unable to work for more than 6 months. As a result, you are unable to work for an extended period of time. In this case, you may lose all of your income because of your illness or injury. 

Other causes of a long term disability include spinal issues, joint disorder, and cancer, just to name a few. You may suffer an injury because of a car accident or slip and fall. 

Therefore, if you have a long-term coverage, you may be protected for years to come. It makes sense to get both short-term and long-term policy. So, you can get a long term disability insurance quote.

How Long Does Long-Term Disability Last?

After the coverage approval, you won’t start receiving your benefits until you are fine with the requirements of the waiting period. In most cases, it’s 30 a minimum of 30 days or it can be up to 720 days. 

Afterwards, you will keep getting benefits until you hit the predetermined limit. And this is your chosen period of buying the policy, and may last for up to 10 years or until your retirement. Every policy is different. For longer term coverage, you will pay a higher amount of premium. So, it makes sense to get a long term disability insurance quote from each provider you like. 

What Does Long-Term Disability Insurance Cost?

Like other insurance policies, the cost of the insurance is dependent on a lot of factors and policy features. Generally, the cost is between 1% and 3% of the income you earn annually. Instant Disability provides disability insurance and can show you disability insurance quotes from all of the leading companies.

In short, if you want to get a long term disability insurance policy, we suggest that you contact multiple providers and read the terms and conditions of each policy as every policy are a little different.