Although most people realize the importance of long term disability insurance, they simply do not understand what to look for in insurance policies.  Below we have compiled information to help you identify the best plan for your long term disability insurance needs. In addition, we have provided you with more information regarding individual disability insurance and general disability insurance cost.

How much long term disability insurance is enough for your particular situation? To calculate how much money you and your family need if your income stopped, consider the following for each month:

1. You must pay expenses, such as: house payment; utilities; car, car insurance and gasoline; medical expenses; any child care; any loans; credit cards; etc.

2. Add together any income other than yours (i.e., spouse's income) plus whatever you will receive on a monthly basis from your company -paid short term disability and/or long term disability insurance (if available).
   

The gap between any existing disability income insurance and your expenses would be the amount of income that you want to offset with a private long term disability policy.

You may find it easier to determine your specific needs by utilizing our Needs Calculator.

Disability Income Insurance Questions

Additional questions you should consider when choosing your policy

1. What is the definition of disability in my policy?
2. How long will I receive my benefits?
3. How much will I receive? (approximately 60% of one’s taxable income)
4. Is there a waiting period before my benefits kick-in?
5. Can I get partial benefits if I can still work part-time?
6. How will my benefits affect my Social Security, workmen’s compensation, or unemployment benefits?
7. What are the exclusions of the policy?
8. Can I renew my policy without doing another medical exam?
9. Will my benefit amount adjust for inflation?
10. Is the insurance carrier strong financially?