No matter how healthy we seem now or how able-bodied we are, aren’t we all just one accident or illness away from being unable to work? There’s one big employer-provided benefit that many employees fail to take advantage of and it’s long term disability insurance. As trusted long term disability attorneys, we think that more people should take advantage of these policies when offered to them. Today we’ve got a few things to keep in mind when considering the purchase of a long term disability policy.
- Make sure you get the insurance when you’re still healthy and able to work. If you have any type of pre-existing conditions, like carpal tunnel syndrome, then those conditions won’t be covered by your policy.
- Make sure you purchase a policy that can’t be cancelled, too. With these types of policies, the insurance company will only be able to cancel the policy if you don’t pay your premiums. This will also allow you to renew your policy on an annual basis without any increase in premiums or reduction of benefits.
- If it’s possible, we suggest choosing a longer waiting period. This means that the longer the policy takes to kick in, the less expensive it’s going to be. For example, if you have enough money in your savings account for 60 or even 90 days, you’ll pay less for your insurance policy than if you just have a 30-day waiting period.
Choosing a long term disability insurance policy can seem like a daunting task. If you have any questions concerning your long term disability policy, feel free to call us.