As an independent agency, we are here to help you find the right Long Term Disability Insurance Insurance coverage.
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Long-term disability(LTD) insurance is a type of insurance that provides financial support to people who are unable to work due to a disability for an extended period of time. Long term disability insurance can help to cover essential expenses such as rent, food, and medical bills.
There are two main types of long term disability insurance: individual and group. Individual LTD insurance is purchased by individuals and is typically more expensive than group LTD insurance. Group LTD insurance is offered by employers as a benefit to their employees.
LTD insurance policies typically have a waiting period before benefits begin. This waiting period is typically 30, 60, or 90 days. After the waiting period has passed, the insured person will begin to receive benefits, which are typically paid as a percentage of their pre-disability income. The percentage of pre-disability income that is paid out varies depending on the policy.
LTD insurance policies also typically have a benefit period. This is the length of time that the insured person will receive benefits. The benefit period can be anywhere from two years to life, depending on the policy.
Consider your needs. How much income would you need to replace if you were unable to work? How long would you need to receive benefits for?
Compare different policies. Get quotes from multiple insurers and compare the coverage, premiums, and benefit periods of different policies.
Read the fine print. Make sure you understand the terms and conditions of the policy, including the waiting period, benefit period, and exclusions.
Talk to a financial advisor. A financial advisor can help you to assess your needs and choose a policy that is right for you.
As an independent agency, we are here to help you find the right Long Term Disability Insurance Insurance coverage.
Our services extend throughout NJ, NY, and PA.