An accident/illness can cause physical impairment, preventing you from working and supporting your family. To protect your income in the event of such liabilities, you should consider buying disability insurance. Though most employers offer this coverage, you can buy additional coverage to supplement employer-sponsored coverage. Two types of individual disability insurance (DI) policies are available: short-term and long-term. While a short-term policy covers you for a short period following an illness/injury, a long-term policy lasts for years and provides benefits well into the future.
Here are some facts you must know about long-term disability insurance:
You must be working when you apply for coverage to be eligible for disability insurance benefits.
Individual DI covers you 24 hours a day for any reason.
Yes. Complications from pregnancy are considered a disability, not a normal pregnancy.
Contact us at Tompkins Insurance in NYS to talk with our individual DI specialist.
They will begin after the elimination/waiting period you choose. For example, if you cannot work after your short-term benefits expire, you can apply for long-term benefits. Your eligibility depends on the nature of your injury or illness.
Yes, short-term disability benefits are mostly calculated based on a percentage of your average earnings. However, the calculation of long-term benefits may vary, so discuss with your Tompkins Insurance advisor to learn more.
The length of time is based on the duration of benefits you choose. Depending on your policy terms, you may be entitled to receive long-term disability benefits until you attain the normal retirement age as declared by the Social Security Act.
When you are alive, neither your spouse nor your dependents are entitled to disability benefits. However, your dependents may get survivor benefits if you receive disability benefits for six or more months.
Yes, but you may get a reduced benefit under the long-term disability policy. Also, the definition of partial disability varies from policy to policy.
Now you know more about what long-term disability insurance covers and what benefits you are entitled to, you can make informed decisions while buying the coverage.
If you are looking for long-term disability insurance in western and central New York and surrounding areas, contact us today at Tompkins Insurance Agency. We will help you find the perfect policy with extensive coverage at an affordable cost.