2019 Best Florida Long Term Disability Insurance Quote

Disability insurance, sometimes called disability income insurance, covers an individual for loss of income due to a disability, which may be due to a physical injury, an illness, or a psychological disorder.

Many people have a short-term or long-term disability policy through group insurance provided by an employer.

These plans can also be purchased as part of a private or individual insurance policy.

What coverage is available with both short-term and long-term insurance varies depending on the policy. Each policy will include details such as:

  • how much you will receive (usually between 60%-85% of your income)
  • the maximum amount could be paid (e.g. $5000 per month)
  • the definition of “disability”
  • how long you will receive benefits
  • any limitations or exclusions preventing you from receiving benefits (e.g. pre-existing medical conditions)
  • the cost of extra coverage

What is Long Term Disability Insurance

LTD insurance is an income-replacement benefit that kicks in when the employee loses income for an extended period of time due to a disability.

LTD insurance can be used for living expenses, not just covering care.

This policy replaces a portion of an individual’s income over an extended period of time when he is unable to work or is only able to work on a part time basis because of an illness, injury or disability.

4 Basics of Long Term Disability Insurance

  1. Benefit– The insured individual receives a set percentage of his income earned prior to his disability. That percentage may vary but generally it is set at sixty percent of an individual’s wage prior to disability. For instance, an individual with a $2,000 monthly income whose policy provides 60% coverage will receive monthly benefits check amounting to $1,200. The number of years the benefits are paid out will depend on the policy which can be two years, five years or up to the age of sixty five.
  2. Who pays for the LTD policy– Many companies offer LTD coverage. Some shoulder the full cost of the premium while in others the worker pays a portion of it. Workers with LTD coverage and who also have SSDI or SSI will likely see a reduction in their LTD benefits. However, the advantage of having both SSDI or SSI alongside long-term coverage is that it aids a worker to be eligible for medical assistance or MEDICARE which is not covered under a long-term disability policy.
  3. Claims – Long-term policies also require proper medical documentation from a doctor. The doctor should make an explanation of the condition and provide an estimate of the length of time the individual would be unable to work. When making a claim, a waiting period will take place between the day the worker leaves the workplace and the day he actually receives his benefits. Depending on the policy, that waiting period can stretch from ninety days to one year.
  4. Individual long-term disability policies –Available from many insurers, financial planners and agents. These policies tend to be more costly. Many LTD policies are guaranteed renewable or non-cancellable. Guaranteed renewable policies mean the insurance company cannot cancel the coverage as long as premiums are paid. However, the company can increase the premium amount. Non-cancellable policies, on the other hand, cannot be canceled nor the premiums increased. But these require medical examination at the onset of application.

2019 Best Florida Long Term Disability Insurance Quote

When it comes to protecting your assets, one of the most important things you can insure isn’t a material object like your car or home – it’s your ability to work and earn a living.

Choosing the right disability coverage is important.

In the event you become disabled, you’ll want to ensure that you and your family have enough coverage.

A representative at Mintco Financial will look at the individual factors in your life and work situation, and help design the best policy that meets your personal insurance needs.

We can help introduce you to the different companies and policies available.

We can also ask the right questions and answer your questions so that you make an informed decision on what will be the best long term disability insurance policy for you-based on your unique need and goals.


Email us info@mintcoFinancial.com

Call us at 813-964-7100