Long Term Disability Insurance
If you are facing permanent or long term disability then you and your family may be facing some hard times. Some can get by for a couple of months on savings but few people can afford to be out of work for a long period of time. That is where long term disability insurance comes in. This insurance will cover income for an extended period of time. This insurance helps disabled workers collect benefits under employer provided LTD insurance.
LTD Benefit Basics
The follow terms will explain this insurance:
- Definition of Disability- some will pay when you are not able to do your normal jobs, others will pay if you are not able to perform any type of work
- Payment Trigger Date- there may be a waiting period until payments are made
- Extent of Disability- You may have to be considered disabled before you get your payments. In some cases you may be able to collect a partial payment.
- Residual Benefits- They will apply if you are limited at work but still able to do some work
- Presumptive Disability- If you lose your speech, sight, hearing, or a limb but still may be able to work.
- Length of Coverage- You may receive payment for a limited period of time
- Inflation- You benefits based be adjusted as cost of living increases
- Waiver of Premiums- If you are disabled more than 90 days you will not have to pay insurance premiums
- Partial Disabled- You can still work but are making less money, the insurance will adjust your payments.