Disability Insurance for the Long Term

Wellman Shew
3 min readSep 30, 2022

Long-term disability insurance is an excellent strategy to safeguard against job loss if you become unable to work due to a disability. Benefit levels differ depending on the type of coverage and the employer. Maximum monthly benefits are up to $20,000 and can be tailored with optional riders. According to a research conducted by the Bureau of Labor Statistics, only 33% of American workers had long-term disability insurance. Savings accounts can provide a temporary safety net, but most people do not have enough money to cover the cost of a long-term disability.

Some companies provide group disability insurance and will even cover a portion of the premiums. Individual coverage can also be purchased via an insurance agent or a reputable insurance provider. Group policies, on the other hand, are often less expensive than individual coverage. Group long-term disability insurance is available through your company or through an insurance agent.

If you work for a large firm, you might be able to get long-term disability insurance. You can acquire this policy for a portion of your pay if you are an active employee. Long-term disability insurance can pay up to 662/3% of your pre-disability wages for up to a year. The benefit amount will be rounded up to the nearest dollar, so if you earn more than the maximum, you will receive a larger payout.

When purchasing an insurance, you must select how much you wish to pay. Individual long-term disability insurance can be too expensive. Some firms, on the other hand, will purchase it for their employees and create a partnership with a long-term disability insurance provider in order to offer a discount on long-term disability coverage.

Long-term disability insurance provides coverage for a wide range of illnesses, including degenerative diseases, neurological problems, and physical disabilities. You can obtain this coverage by filing a claim with your insurance company. If you are denied, you may retain a counsel to file an appeal. If necessary, the Sokolove Law team will conduct a free case review and assist you in filing an appeal.

The cost of long-term disability insurance varies greatly depending on the type of coverage selected. Some policies only cover partial income loss, but others cover all expenses associated to a sickness or disability that prevents you from working. For further information, please contact your company’s benefits administrator. You could be qualified for a free consultation to consider the purchase of disability insurance.

While short-term disability insurance does not cover long-term disabilities, it can assist you in paying bills and saving for long-term investments. You are also protected against losing pay, bonuses, or commissions under the policy. It goes on even if you change jobs. This means that obtaining long-term disability insurance to protect yourself from financial trouble is worthwhile.

Long-term disability insurance can be used to supplement other types of insurance. It safeguards your pay and can cover up to 60% of your total monthly income if you are unable to work. It is available for purchase independently or as part of a group package. Before making a final decision, you should read the plan summary.

Employers and employees can both benefit from short-term disability insurance. When an employee is unable to work due to illness or injury, it substitutes a portion of his or her income. The coverage can range from a few weeks to a year. Short-term disability insurance can be useful when you need temporary income to cover your regular bills.

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Wellman Shew

Fresno resident Wellman Shew has worked in the California health insurance and employee benefits industries for many years as an entrepreneur & business leader