Inside Six Secrets to Getting the Right Long Term Disability Policy
Nancy Cavey, an ERISA long term disability attorney based in the Tampa Bay area has written the go to guide entitled Robbed of Your Peace of Mind, which helps explain some examples of getting the right long term disability policy.
While there are many policy terms you do not want to see in a long term disability policy there are six features that make for a great long term disability policy:
1. A policy that pays disability benefits if you are unable to do your specific job.
Many long term disability policies pay benefits based on a persons occupation not based on their job as it is performed with their specific employer. If, for example, you are a physician, you want a policy that protects you if you are unable to perform your sub- specialty, so your sub-specialty is protected. If, for example, you are a interventional cardiologist, you want to buy a policy that defines disability as being unable to perform your duties as an interventional cardiologist.
2. If you have to accept a long term disability policy that defines disability based on your occupation, pick the one that provides that benefits will be paid if you are unable to do any of your essential job duties.
If, for example, you are a surgeon and you can’t perform surgery than that is obviously an essential function of your job.
3. Have a waiting period that is financially right for you.
You should consider buying both a short term and long term disability policy plan. Short term disability insurance will cover you generally for a period of three to six months before your long term disability benefits start. If you have the financial resources to withstand three to six months of unemployment as a result of your disability, then you can go for a longer waiting period.
4. The longest possible benefit you can get.
Unfortunately, Nancy Cavey, St. Petersburg long term disability attorney, has seen long term disability policies pay benefits up to as short as two years. Remember, you are insuring your livelihood and as a result, you should have the longest possible benefit period in your long term disability policy- at least to age 65.
5. A waiver for Social Security offset.
Many long term disability policies will reduce your monthly disability income by the receipt of Social Security benefits. You don’t want to have your benefits reduced by the receipt of Social Security or even that of the Social Security benefits your children might receive on your behalf.
6. Buying a monthly benefit that meets your financial needs.
Most long term disability policies pay at least fifty to sixty percent of what you were making before you become disabled. Pass on any disability insurance policies that offer less. You might be able to get a total benefits of 60% or more, but you will have to buy more than one long term disability policy. Depending on your income, that may be just the thing that you need to do.
The most valuable asset you have is your ability to earn money and provide for you and your family. Disability insurance company insures that income and you want to make sure that you have the right long term disability policy for you and your family.