What is long-term disability insurance, and how does it differ from regular disability insurance?
By providing a portion of your income that can be used to cover bills, expenses, and medical treatment and/or rehabilitation in the event of an injury or illness that prevents you from working, long-term disability insurance provides some protection. If you are unable to work because of a medical condition, the goal of this benefit is to alleviate any financial hardship you may experience.
Long-term disability benefits are only available if you are unable to perform the duties of any occupation for which you are reasonably qualified due to your education, training, and/or experience after the first two years of receiving benefits under most policies.
What is the distinction between short-term and long-term disability insurance?
In the event that you are temporarily unable to work, short term disability insurance can provide you with replacement wages. Long-term disability insurance replaces your income more permanently as your medical condition prevents you from working for an extended period of time. It is important to note that disability benefits are distinct from workplace insurance benefits in that disability benefits result from an illness or injury that does not have to occur on the job, whereas workplace compensation benefits are provided as a result of being employed.
What exactly is the distinction between individual and group disability insurance?
Individual Disability Insurance is purchased privately by individuals to provide protection against illness or injury that results in temporary and/or complete or total disability, preventing them from working. Even if your employer provides some disability coverage, you may choose to purchase additional disability insurance. Individual disability insurance policies typically have a broader range of features than employer-sponsored group disability insurance policies.
Businesses purchase Group Disability Insurance to provide disability coverage to employees who are temporarily and/or completely or totally disabled and thus unable to work as a result of a medical condition. If you are enrolled in a group plan, you may pay your premiums through your paychecks, or your employer may pay all or part of the premiums. Inquire with your employer to see if you are covered by such a policy.
To get answers to all your questions, contact our long term disability lawyer and get absolutely free consultation!