What Is Long Term Disability Insurance?

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    David RacichPRO
    Fountain Hills, Arizona
    Long Term Disability Insurance is a morbidity product to protect your earning ability during your working career. Your number one asset is your ability to earn money to pay for the lifestyle you want. Disability insurance is paycheck protection and can generate a good portion of your income if you can’t work. Most executive packages include full disability insurance coverage until age 65. The odds are you’ll need it once during your working life. It can protect up to 60% of your compensation as a tax free benefit or up to 80% as a taxable benefit when the premium is deducted as a business expense.
     
    Answered on June 23, 2013
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    Tim Wilhoit
    Owner, Your Friend 4 Life, Brentwood TN
    Long term disability insurance is an insurance product designed to protect most people's most valuable asset, their ability to earn a living. It could be from an injury or an illness, that you are no longer able to work at the occupation which you were educated and trained to do. There are a few components to be familiar with. The first is the benefit amount which can be limited to 50% to 75% of your monthly income at the time of becoming disabled. next is the elimination period. This is the time period you are medically diagnosed as disabled and the time when benefits begin to pay to you. Next is the period benefit which is the time period the benefits are paid to you. For example, benefits can be paid for 2 years. 5 years, 10 years or age 65 or 67 years old. Because there is a lot to consider I recommend using an experienced independent disability insurance broker to help guide you through this maze, so you receive the best coverage at the best price for your unique situation.
    Answered on April 28, 2015
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