By Ken S
Long term disability insurance is important and everyone should have it. Like life insurance, disability insurance is used to protect the livelihood and lifestyle of your family. In the case that you get unexpectedly sick or hurt and are unable to work, a long term disability policy will make sure you and your family can survive.
For example, if you get sick or are involved in an accident, you may have medical insurance that will cover your medical bills while you receive treatment. But what if that sickness or accident makes you unable to work for a long period of time while you are recovering?
Who will pay your mortgage (or rent), car note, utilities, groceries, children's tuition, and other expenses that keep you and your family living from day to day? This is when long term disability insurance kicks on. If you do not have any long term coverage, your family could be in for a serious financial struggle.
What Does This Coverage Mean?
Generally, "long term disability insurance" refers to coverage that will be paid out for more than 6 months. When you are eligible, these policies pay you up to 80% of your wages. This could mean the difference between keeping your household together and losing your house.
How Long Is The Payout?
The length of the payout will depend on the coverage you choose. Some long term disability insurance policies will pay just 3 years. Others will pay up until age 65 (no matter how many years you are from age 65 at the time of eligibility). Either way, at age 65, policyholders are expected to apply for standard government social security benefits.
How Long Will The Policy Be In Effect?
Some policies can never be canceled. This means as long as you make your monthly premiums on time, the insurance company cannot ever drop your policy. You may also be able to purchase a policy that is "guaranteed renewable". This means that your policy will be renewed and your premium cannot be raised as long as you are current with your payments.
There are different policy options (including short term options) that allow for various amounts of coverage in order to keep your premiums at an affordable rate. Having long term disability insurance is a great way to ensure that your family will not have to endure a catastrophic financial situation in the event you are unexpectedly unable to work due to illness or injury.
You can get disability insurance in most states and it is easy to apply for. Take a minute to get a free quote. You will find that the rates are affordable and the benefits are priceless.
Ken S., Founder
LowRateSearch
© 2010
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