Long-term disability insurance is a valuable benefit that provides crucial financial support to those unable to work for long periods of time. While the specifics of each plan vary, most plans pay 50 to 60% of your salary if you become disabled for longer than 90 to 180 days.
What can cause long-term disability?
The most common causes of long-term disability are a musculoskeletal or connective tissues disorder such as back and neck pain, rheumatoid arthritis or lupus. Roughly 28% of claims fall into this category.
Cancer is the second most common cause, comprising about 15% of claims, followed by accidents or injuries, which account for approximately 10% of claims.
Mental health and nervous-system conditions each comprise roughly 8% of claims, while pregnancy and childbirth complications make up approximately 6% of claims.
Beware of policy exclusion
While long-term disability insurance covers disabilities caused by most physical and mental health conditions, many policies contain exclusions providing that disabilities caused by certain conditions are not covered. For example, a policy may provide that it does not cover disabilities caused by substance abuse, back pain or mental illness.
For this reason, if you are considering purchasing long-term disability insurance, it is important to understand if the policy contains any exclusions so that you are not left without critical benefits.
If you have questions concerning long-term disability insurance or are experiencing difficulties filing a claim, you should consult an experienced attorney for advice and assistance.