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What are the benefits of long term disability insurance?

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Some companies offer every worker long term disability insurance. Others, however, have to purchase this coverage on their own if interested.

Nobody wants to think about a situation in which they are disabled for an extended period of time. Unfortunately, this happens to many people every year. From an illness to an injury, you never know when you could find yourself unable to work.

With long term disability insurance, you will receive payments from the insurance company if you are unable to perform your job duties.

The primary benefit of this insurance is the peace of mind. You know you can receive money from your insurer for as long as you are unable to work. Along with this, long term policies typically offer more coverage, such as those for hospital stays.

On the flipside, it is important to understand the potential drawbacks of long term disability insurance. Primarily, this type of policy costs more than short term disability coverage. That being said, a short term policy will not provide benefits over the course of many years.

Before buying a group or individual long term disability insurance policy, it is important to understand the benefits and potential drawbacks. All in all, there are more good points than bad points, which is why many employers provide workers with this coverage.

Even if individuals have long term disability insurance, it doesn't mean their insurer will want to pay benefits in the event of an illness or accident. If a claim is denied, it may be time to consult with an attorney regarding the appeal process.

Source: FindLaw, "Long Term vs. Short Term Disability Insurance" accessed Feb. 10, 2015

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