LTD Disability Insurance
A permanent or a long-term disability could be devastating, stripping you of the ability to earn a living. Moat can get through a couple months on their savings, but only a handful can afford to quit working for any extended period of time. The long-term disability (LTD) insurance can be a very beneficial asset. The long-term disability insurance policy benefit provides you with income for a very long period of time.
Basics of the Long-Term Disability Insurance
Some of the legal issues that could arise around concerning long-term disability insurance:
Definition of disability: Many policies will pay you when you can’t perform duties of your job, others pay if you can’t work at all.
Payment trigger date: Some policies will require waiting periods before the benefits begin.
Extent of disability: You might have to be completely disabled before payments begin, but you could collect partial disability, depending on policy.
Residual benefits: The benefits will apply if you’re able to still work but limited in all your duties due to the disability and will be offered under some policy.
Presumptive disability: If you experience any loss of sight, hearing, speech or the use of any limbs, it’s possible for you to collect disability even if you’re able to work.