Today we will be discussing long-term disability (LTD) benefits and exactly how long they last. First we need to describe exactly what LTD benefits are.
LTD policies exist to basically supplement income lost for those who have been hurt and are unable to work or people who are not able to work any longer for any other reason. Anything beyond 3 months time is considered long-term when it comes to these policies.
Policies usually pay out over the following terms: 2 years, 5 years and 10 years or until retirement.
How You Get Them
Your employer will carry a disability policy so that if you are hurt on the job you will received benefits while you are unable to work.
You can also purchase your own long-term disability policy called an “individual policy”. These private policy premiums average about $100 per month but that is all variable. You can use a site like Policy Genius to shop for quotes.
What They Cover
Typically private policies pay 50-70% of what your income was before your injury. Some policies can cover up to 85% of what your income was. Again, it just depends on the policy itself.
Sometimes these companies can deny your benefits or try not pay what they are obliged to pay. This is where you would seek legal representation to help you in the matter. Lawyers who work in this field understand you have financial constraints and will they work to get you backpay and only charge a percentage of that money.
Lawyers in this field will usually meet with you for a consultation for no charge. You can perform your due-diligence on a law firm by reading real reviews on Google as well as checking out law firm review websites. Your goal should be to get the most professional and effective attorney in your area.