A disability, regardless of whether it’s an unexpected one or one that you’ve developed over time, could significantly trap you in terms of finances and you might be unable to pay for yours and your family’s living expenses. This is a very scary spot to be in, especially if you are the one who has been solely providing for your family.
This is where long-term disability insurance comes into the picture and even though it’s something challenging to obtain, is what you ought to emphasize on the most. This is why we’ve taken the liberty to take a look at a few different important considerations, so let’s give it a go.
What is LTD Insurance?
If you’ve been subjected to an injury or an illness where you were unable to return to work, long term disability insurance is there to offer certain protection by replacing a portion of your income. This could go towards medical treatment, living expenses, rehabilitation and bills. Essentially, it is going to offset the financial hardship that you may suffer as a result of being particularly unable to go back to work. This is something to consider.
What’s the difference between long- and short-term disability insurance?
Short-term disability insurance is going to replace wages in case you are just temporarily unable to go back to work because of your developed illness or injury. LTD insurance, on the other hand, is designated to provide you with a much more permanent replacement of your income. This is due to the fact that your medical condition actually prevents you from working.
What are the types of disabilities that you can qualify for LTD?
In the majority of the cases it wouldn’t much matter what’s the actual diagnosis as long as it is going to prevent you from doing your job properly. You may qualify for LTD benefits as long as this is the case.
Now, there are a few things that you have to take into account. Insurance companies love to look for loopholes in the law so when you apply for benefits for more than 2 years, there are a lot of things that you’d actually have to account for. Right off the bat, apart from being unable to go back to your current job, you must be unable to do any kind of job out there.
This is something that you have to account for in order to ensure that everything is handled properly. This is definitely an important consideration and one that needs to be disclosed by the lawyer that you’re using to help you out. He will make sure that your documentation and claims are in order and that everything is perfectly in check. Most of the personal injury lawyers work closely with you and medical professionals to substantiate your claim. That is what helps you get the insurance cover.