Long Term Disability Guidelines
What would you do if you were to become disabled tomorrow and couldn’t work?
Would you have enough funds to see you through months maybe even years of rehabilitation while you struggle to get walking again?
Do you have others in your family who depend on you for the majority of the income in the family?
These are questions that everyone should ask themselves. While we all may go through life thinking that accidents that are completely debilitating won’t happen to us. This type of thinking is what could make a horrible situation later.
Those who think this way often find that if the time comes in which an injury has left them unable to work, they are in a situation in which they lose everything. They could lose their homes, livelihood, and even have trouble putting food on the table.
How Can You Prepare?
How can you prepare for one of the situations mentioned above? Through long-term disability insurance and understanding long term disability guidelines and eligibility.
This is a type of insurance that many people do not ever get, though it is worth its weight in gold if you ever have to use this. Consider this fact, according to MoneySense, one in six Canadians will become disabled for three or more months before they are at the age of 50.
Do you really want to be one of the six that is not prepared for this type of situation? No! Long-term disability is the only way to go.
What is Long-Term Disability?
Long-term disability is a coverage that allows many people who become disabled and can no longer work, to be able to financially handle this setback.
Also keep in mind that this type of insurance can kick in for when you are out of work for a temporary number of months while healing or in the event that you become completely disabled and can’t work for several years.
While many people still think that this is a waste of money, those who have unfortunately had to use this insurance realize that it is as vital to their lives as having insurance on their vehicle.
One of the biggest misconceptions about this type of insurance is that you are going to be paying your money into something that you will never qualify for.
This is not the case and is perhaps one of the biggest myths surrounding this type of disability that has turned many people away from it.
Long-term disability is going to be given to those who have paid for it, regardless of how an injury or illness happened.
Usually, when a person is denied this type of benefit, it is due to some clerical error that they have made, which is where a disability attorney can help you sort through what needs to be done to get you qualified.
How Ignoring Long-Term Disability Can Hurt You
Just how can ignoring this precious insurance hurt you in the long run? Consider this, if you were to become hurt and have zero income coming in, what would you do?
Do you have enough savings to last for months? Do you someone else in your family that can take care of the daily needs like food on the table, your home, your health insurance, etc?
In the event that you do not have long-term disability insurance, it means that these questions are no longer just questions, they are your life. You will then have to figure out how to make it without your income due to this illness, injury or accident.
If you are completely disabled, then the situation becomes even more dire. There have been people who have been unprepared for this situation and they end up losing everything…their home, vehicles, and even their way of life.
Many people who have to try to do this without assistance often find that their quality of life is affected in more ways than one.
Alternatives to Long-Term Disability
There are what many people believe to be alternatives to long-term disability. However, there is only one type of long-term disability that is going to help in the roughest situations.
1. Critical Illness Policy
This type of insurance is a one-time pay out of your lump-sum benefit. However, the downside of this type of policy is that you must become ill with one of the illnesses that they list.
There are policies that only cover as little as five illnesses, while others may cover up to 25 illnesses. Many people often find that in the event they do become ill, their illness is not covered, thus they never receive any type of payout from this policy.
2. Disability from your employer
Many employers are attracting new employees and retaining these longer as they are offering a form of disability insurance. While your employer may offer this, getting your own policy is still something to consider.
Why is this? Because most employers are only going to offer this insurance in the event that you are hurt on the job or for a limited period of time.
Those who have been in this situation have taken advantage of their employer insurance, while also having a private long-term disability policy to rely on as well.
Of these two alternatives, neither really compare to long-term disability insurance. This is why LTD is something that should not be ignored!
Recap: Why LTD is a Must Have
For any responsible person, part of being financially responsible is preparing for an event in which you cannot work.
Not only do you want to financially prepare for yourself, but for those who depend on you as well.
LTD is just another option that you have to prepare for illnesses or accidents that may keep you from working. So, why is this a must have?
- Can you afford the consequences if you don’t have long-term disability?
- Do you have others depending on you? If so, then you can’t afford not to have this coverage!
- Do you have other coverages, but they are limited as to what they will cover? Such as having a critical illness policy? If so, you do not want to find yourself in the situation in which your policy refuses to pay. This is not a concern for those who have LTD.
- LTD is a smart decision. If you pride yourself on being someone who is always ready for whatever life throws at them, then LTD insurance is just another thing that you have if you were to get hurt to the point that you can’t work. While none of us plan to get disabled or suffer an injury that keeps us out of the workforce, it does happen.
If you are someone who has LTD and need to collect, remember that this may take time.
A lawyer can be of great assistance in helping you to find out what you need and how to get approved! Remember, when shopping around, find the disability insurance that best suits your individual circumstances and will give you peace of mind.
Contact us today for a FREE Consultation.