Long Term Disability Benefits

Jun 10, 2017 by

Any illness or injury that leads to long term disability will always have a major effect on the financial lives of individuals and struggling families. This is why it is very important that a person should continue to receive some financial earnings despite his/her incapability to report to work.

This financial earning can be provided by a long term disability (LTD) insurance policy, usually a part of the comprehensive employee benefits package an employer gives his/her employees. A long term disability insurance policy is meant to protect an employee from losing the wages that he/she would normally earn if he/she were not injured, did not become ill or get involved in an accident that renders him/her disabled for a long period.

The financial benefits provided by the long term disability insurance starts after the short term disability insurance benefits have ended, usually between three to six months of inability to report to work. The LTD insurance pays the employee a percentage of his/her salary, typically about 50% – 70%. Often, this percentage is not enough to meet a disabled employee’s needs, (LTD benefits are subjected to taxes). Thus, for additional income, some personally purchase supplemental long term disability insurance, which is usually non-taxable.

Long term disability policies are generally designed to last up to 10 years or until the disabled employee turns 65. Often, however, despite the obvious disability and timely payment of premiums, many LTD insurance firms make it difficult for claimants to enjoy the financial benefits specified in his/her policy. This is because though long-term disability insurance is supposed to help take care of a disabled policy holder who cannot go back to work for weeks, months, or even years, many insurance companies, according to Fields Disability, are out to protect their profits, not their policy holders’ best interests. Long-term disability benefits applications are often denied and many people give up because of the strict guidelines applicants must follow. As this is often the case, it may be wise to seek assistance from a skilled long-term disability attorney who knows how the system works and who we can help make sure that an application is accurate, complete, and submitted on time.

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