Long-Term Disability Insurance
Long-term disability insurance is a policy that is designed to protect your income in case of an accident or an illness for an extended period of time. LTD policies typically pay you in terms of year 1, 2, 5 or until you reach the age of 65. Typically, these policies have an elimination/waiting period of 90 days before the policy starts to pay. That is why these policies are often designed to start after your short-term disability runs out. Once an event is triggered and your elimination period is met the policy pays you monthly up to the conditions of the policy. Ideally, these policies replace 50% to 70% of your income and can help protect you against financial hardship.
These policies can be purchased in a group setting through your employer or purchased as a stand-alone individual policy. Group plans can either be paid for by the employer in part of full, or can be voluntary, and paid by the employee. Get a quote for a long-term disability plan today.
Why should you purchase disability insurance?
One in 8 workers will become disabled for five years or more during their lifetime. About 12% of the population is considered disabled which effects about 40 million Americans. One in four people will experience an injury or illness related disability lasting 90 days or more before the age of 67.
This is why these policies are often combined with Short Term disability.
It is important to note that we never charge you for using our services, our commission for assisting you comes from the insurance companies. We act as a broker and run quotes with all of the major carriers guaranteeing you the best rate for the benefits that best suit your needs as an employer.Â
WHAT ARE SOME EXAMPLES OF WHEN A LTD POLICY COULD BE USED?
- Long Term Cancer Treatments
- Cardiovascular Incidents
- An accident or injury that prevents you from going to work for an extended period
- Long Term Covid
