You can purchase a long term disability policy that will pay a percentage of your income when you cannot work due to health reasons. Some employers offer long term disability benefits to their employees which will be covered under the Employer Retirement Income Security Act (ERISA) while others purchase policies on their own.
If you can afford it, you are far better off to purchase your own individual disability policy because if you need to file a claim to collect those benefits, you have more legal rights with a private disability insurance policy.
When do Long Term Disability Policies Pay Benefits?
Most long term disability policies will pay a percentage of your income when you cannot work due to health reasons. Generally, you must be out of work three to six months before the long term disability benefits will kick in.
But, beware, some long term disability policies will actually limit the length of time that you can get your long term disability benefits. So, for example, if you suffer from fibromyalgia, a psychiatric condition, or even soft tissue muscular skeletal problems, your policy may limit the payment of those benefits to just 24 months.
You should understand your benefit package so that you can provide you and your family with peace of mind if you become disabled.
You can learn more about the disability provisions that you don’t want to see in your disability policy by ordering a copy Robbed of Your Peace of Mind.