Long-Term Disability Insurance
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While it may be difficult to plan for devastating events like accidents, collisions, and life-altering injuries, it is important to have adequate protection in case the unthinkable occurs. It is important to consider the possibility of accidents and make sure that you have adequate insurance coverage to help pay for medical expenses and other costs.
Some people may think that they have sufficient protection against long-term injury through their auto insurance coverage and their company's worker's compensation plans, but unfortunately, such protection may not be enough. There have been reported cases of individuals not receiving enough financial compensation to pay for their medical treatment, medication, rehabilitation, and debts incurred as a result of the accident.
In addition, people may find themselves unable to work or function in the manner that they were accustomed to before the accident. Serious injuries can include the loss of fingers, limbs, and paralysis, which can make it impossible for the person to perform the duties of their job. While some people may be covered under auto insurance or worker's compensation plans, injuries that occur away from work or vehicles may not be adequately insured.
Because of the reasons listed above, many people often choose to carry long-term disability coverage to make sure they have protection against a serious and debilitating accident. By carrying additional protection against life-altering accidents, the person may be able to ensure that he or she has financial coverage to pay important bills and life-needs.
Long-term insurance policies are often tied to short-term disability insurance coverage. While most people hope that any injuries sustained are minor and will not keep them from working for a long period of time, long term disability insurance is usually activated when the person's short-term coverage expires. This may depend on the specifics of the person's insurer and policy, but most short-term policies designate a period of two months or shorter for coverage. From that point, if the individual is still suffering from the effects of the injury, he or she may begin to collect on the long-term insurance.
Coverage for long-term disability may include coverage for several years or more. Depending on the plan, the person may have significant financial support for a long period of time, and hopefully the person will return to health and will be able to work.
Disability insurance covers you for an extended period of time. Should you be injured or take ill and as a result be unable to perform the duties of your employment, you will be covered under short term disability, then long term disability insurance will cover you. The coverage can be for a period ranging up to five years or until the disabled individual turns sixty five.
Long term disability insurance is often provided by your employer as part of your benefits package. If you purchase it on your own, the benefits are tax free.
Disability insurance on an individual basis makes great sense as if involved in an accident you are more likely to be disabled than die. Therefore it can be argued that it makes more sense to buy long term disability insurance than life insurance.
Disability insurance policies differ from one provider to the next. It is important that you do your research and find the disability insurance policy that best meets your needs with the insurance company that you trust the most. Insurance companies, through an independent insurance broker, will gladly offer you disability insurance quotes free of charge. You can get quotes online now which is the easiest way as you are not being pushed by an agent.
It is important to purchase your insurance from a company that you trust, because you need the company to be there if you need them. When you get your quotes, be sure to ask Long-Term Disability Lawyers questions about the company and the specifics of the policy. Disability insurance needs to be tailored to meet your needs and complement any existing insurance policies that you may already have. Again, be certain that you are buying the plan that meets your needs completely.
Probably the most important thing for you to do, is to read all the provisions of the policy before you buy it.