In the event of a serious injury or illness, you may be unable to work for years. Replacing your income is vital to keeping your family financially fit and emotionally comfortable during a period like this. Long-term disability insurance plans are designed for these situations.
When you buy long-term disability insurance, you are making an investment that protects you and your family during tough times. But it's important to understand what you are purchasing. These tips for buying long-term disability insurance are designed to help you find a policy that fits your unique needs. If you need more personal help, call your local licensed insurance agent today and discuss your long-term disability insurance options.
As with short-term disability, some people may rely on government assistance for their long-term needs. This can be a risky plan though. For example, in short-term situations Social Security can be difficult to obtain and the income likely will not approach your current income. As a supplement, it can help you, but do not count on it to replace the income from your job.
Many employers do offer some type of long-term disability insurance. Check to see if this option is available to you, and if the employer shares the premium payment with you. Also, check to see if they offer short-term disability, and if so, when the benefit periods for both begin. For instance, if your short-term benefits end after 90 days but your long-term benefits do not begin until 180 days of disability, you will need to plan for the gap. Typically, the benefit periods will align. But this is not always the case.
Also, consider supplementing employer insurance with your own insurance. Make sure that you know the specifics of your employer policy. Not all policies will cover the disabilities that you may want to ensure coverage for. In this case, contact an insurance agent and have them help you find a more flexible policy.
You may also want a private insurance policy if your employer policy does not cover enough of your income. Check the Needs Assessment calculator to determine how much coverage you would need in the event of a disability. Compare this to the employer-offered policy, and then determine if you need to supplement with a policy of your own.
Optional Benefits (Additional premium applies)
If you purchase a long-term disability insurance policy from Mutual of Omaha, you can pick from several optional riders to help customize your policy to your needs. The additional options available with these plans help ensure that you are able to get the coverage and protection that your family needs. Some of the optional riders available (check with your agent to make sure they are available in your state) are:
- Future Insurability Options (0LL4M)
- Cost-of-Living Adjustment Rider (06LLM)
- Critical Illness Benefits Rider (08LLM)
- Hospital Confinement Indemnity Benefits Rider (09LLM)
Other Disability Insurance Resources
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