| Long term disability insurance is important and | | | | insurance policies will pay just 3 years. Others will |
| everyone should have it. Like life insurance, | | | | pay up until age 65 (no matter how many years |
| disability insurance is used to protect the livelihood | | | | you are from age 65 at the time of eligibility). |
| and lifestyle of your family. In the case that you | | | | Either way, at age 65, policyholders are expected |
| get unexpectedly sick or hurt and are unable to | | | | to apply for standard government social security |
| work, a long term disability policy will make sure | | | | benefits. |
| you and your family can survive. | | | | How Long Will The Policy Be In Effect? |
| For example, if you get sick or are involved in an | | | | Some policies can never be canceled. This means |
| accident, you may have medical insurance that will | | | | as long as you make your monthly premiums on |
| cover your medical bills while you receive | | | | time, the insurance company cannot ever drop |
| treatment. But what if that sickness or accident | | | | your policy. You may also be able to purchase a |
| makes you unable to work for a long period of | | | | policy that is "guaranteed renewable". This means |
| time while you are recovering? Who will pay your | | | | that your policy will be renewed and your |
| mortgage (or rent), car note, utilities, groceries, | | | | premium cannot be raised as long as you are |
| children's tuition, and other expenses that keep | | | | current with your payments. |
| you and your family living from day to day? This | | | | There are different policy options (including short |
| is when long term disability insurance kicks on. If | | | | term options) that allow for various amounts of |
| you do not have any long term coverage, your | | | | coverage in order to keep your premiums at an |
| family could be in for a serious financial struggle. | | | | affordable rate. Having long term disability |
| What Does This Coverage Mean? | | | | insurance is a great way to ensure that your |
| Generally, "long term disability insurance" refers to | | | | family will not have to endure a catastrophic |
| coverage that will be paid out for more than 6 | | | | financial situation in the event you are |
| months. When you are eligible, these policies pay | | | | unexpectedly unable to work due to illness or |
| you up to 80% of your wages. This could mean | | | | injury. You can get disability insurance in most |
| the difference between keeping your household | | | | states and it is easy to apply for. Take a minute |
| together and losing your house. | | | | to get a free quote. You will find that the rates |
| How Long Is The Payout? | | | | are affordable and the benefits are priceless. |
| The length of the payout will depend on the | | | | Ken S. |
| coverage you choose. Some long term disability | | | | |