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Basics of Long-Term Disability Insurance

Basics of Long-Term Disability Insurance

A long-term disability can be a crushing blow to your family, making it impossible for you to earn a living. Although it might be possible to get by on savings for a short period of time, few people have enough money set aside to stop working for more than a few months. When something like this occurs, long-term disability (LTD) insurance can make a tremendous difference. LTD benefits are designed to provide you with income for an extended period of time.

Our attorneys make it their business to protect the rights of disabled workers and ensure that they fully understand what benefits they’re due under their private or employer-sponsored plans. They have extensive experience dealing with LTD insurance and related legal issues that may arise, including:

Definition of disability – Some policies only pay when you’re unable to perform your usual job duties, while others will only pay if you’re unable to work at all.

Extent of Disability – Many policies require total disability before they will release benefits. However, there are also some that allow you to collect for partial disability. In such cases, your benefits will be adjusted proportionately.

Length of Coverage – The length of your coverage depends on your policy. Some only allow you to collect benefits for two to five years, while others may allow you to collect until the age of 65.

Waiting periods – The length of time you may have to wait before payment begins varies from one policy to another.

Presumptive disability – Even if you’re still able to work, it may be possible to collect if you have some loss of sight, hearing, speech or use of your limbs.

Waiver of premium – In most cases, if you have been disabled for 90 days or longer, you may not have to pay a premium.

Inflation – Depending on your policy, you may qualify for a cost-of-living adjustment.

Residual benefits – If you’re able to work but only with limited duties, you may qualify for residual benefits, depending on your policy.

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