Long-term disability is a significant benefit because one in four employees will experience a disability at some point in their work career.
Long-term disability is a significant benefit because one in four employees will experience a disability at some point in their work career. It is also one of those things you think you might never need but need to realize just how prevalent it is. It’s crucial to protect yourself in case of illness or injury that puts you out of work, but you must also comprehend how long-term disability (LTD) insurance works.
How Does Long-Term Disability Work?
Think of long-term disability insurance as coverage for your future income. Hopefully, you never have to use LTD, but in case you get sick or hurt, and you are unable to work for a year or more, it pays out regular benefits that you may use for whatever you need. Depending on your policy terms, LTD may continue paying out benefits even if you return to work in a different field. Fortunately, you can use your long-term disability benefits on medical, utility, car payments, and grocery bills.
What Does LTD Cover?
Long-term disability insurance covers most types of illnesses and injuries that would keep you from work, including:
- Severe anxiety or depression that makes it impossible to complete your job
- An illness that causes you to lose your sight
- Pregnancy or childbirth complications
- Nerve damage due to a medical condition that makes it hard to move your fingers
- Worsening heart disease that makes it harder to remain at work all day
- A sports injury that results in chronic back pain
However, there are some exclusions to every long-term disability plan. So, LTD doesn’t cover pre-existing conditions (meaning anything already diagnosed before purchasing the policy).
Who Would Benefit from Getting LTD Insurance?
You might require long-term disability insurance if you have a high-paying career or job requiring constant schooling or training and want to protect that investment. Careers that would benefit from receiving LTD coverage include:
- Veterinarian
- Dentist
- Doctor
- Architect
- Chiropractor
- Consultant
- Nurse
- Lawyer
- Software engineer
- Pharmacist
- CPA
Fortunately, disability insurance can be practical despite your job. Losing your income and being unable to contribute financially can result in long-term consequences.
Find the Right Health Insurance Solutions for Your Needs
Malden Solutions has a wealth of expertise in providing employer insurance solutions, HR solutions, and individual insurance solutions to businesses both big and small. Our team of seasoned professionals can help you navigate the rapidly changing world of insurance with ease. We partner with businesses and individuals throughout the country to provide our dedicated services for employee benefits but also work within our surrounding communities in Maryland, Northern Virginia, and Washington, D.C. Contact us today to learn more about how we can provide effective, dynamic solutions for your business. Stay connected with us on Twitter, Facebook, and Linkedin