Your future is something that can be tricky to predict. We never know what’s going to happen a few hours from now, let alone in a few years. While having long-term disability insurance could seem like a luxury item many can’t afford, it will be so helpful for you if you ever need it that you will be so relieved to know you’re covered. It’s important to have your long-term disability insurance prior to actually using it.
Speak with your human resources department at work to see what plans they’re offering. Most companies will already have disability insurance for their employees. The good news is long-term disability insurance is fairly inexpensive and could be deducted from your paycheck so it really won’t be coming out of your pocket.
Find out exactly how much coverage you’re to get with the policy your company is offering you. With most policies you’ll be covered with about 50 to 60 percent of what you’re making during a certain period.
See if the policy will offer you short-term disability and if it’s included in your coverage. The short-term disability insurance will start first and then after a certain about of time, your long-term disability insurance will begin right after that.
Figure out how long the long-term disability insurance is going to last. It will either stop after a certain amount of time or when you’ve run out of money in the benefit pool.
Ask the insurance company if the policy is going to offer a “cost of living” to your payments. If you’re completely disabled, you can’t increase the amount of money you get.
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