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The importance of long-term disability insurance

For most people working in Raleigh, the most important considerations when thinking about taking a new job are wages and benefits. Before taking a job offer, you’re going to look beyond your annual salary and inquire about health insurance that will cover the cost of medical care should you or a family member need it. You’re going to look at life insurance as well, to check on the benefits that would go to your beneficiaries if you pass away. Just as important to look at carefully is the disability insurance a potential employer offers.

Disability insurance replaces a portion of your income if you become unable to work because of a disabling illness or injury. Long-term disability (LTD) covers an extended period of disability (typically longer than six months), while short-term is for periods that are typically from three months to six months.

Most LTD insurance policies replace 60 percent of your income, but this varies, of course, depending on the employer and the terms of the policy.

Many people – especially young and healthy individuals – scoff at the idea of devoting even a small part of their salary to cover an illness they’ve never had or an injury they’re unlikely to sustain. However, it is far more likely that you will become disabled during your working career than it is that you will die before you're able to retire.

While a short-term disability policy typically covers illness or injury that lasts from three to six months, an LTD policy is there to protect you and your family should you become disabled for anywhere from six months to several years to all the way up to when you reach age 65.

The most common way to get long- or short-term disability insurance is through an employer, though a significant number of people recognize the importance of this type of coverage and buy it on their own if they’re unable to get it through their work.

Of course, the most important element of any insurance policy is being able to make use of its benefits when you need them. If you have been denied the benefits you paid for and deserve, contact a Raleigh attorney experienced in representing workers in disputes with insurance companies determined to protect their bottom line rather than protecting you.

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