Residents of New Jersey and the Hackensack area may want to learn how an insurance plan for disability can help when you can’t earn an income from your job. In the case of mental illness, there may not be denial of a policy as a pre-existing condition.
In fact, you may even qualify for full unlimited coverage if you are diagnosed with a mental illness; coverage may even be without limits. It may depend on the severity or type of disorder, according to PolicyGenius.
LTDI (Long Term Disability Insurance) replaces income
Rather than Social Security Disability Insurance (SSDI), LTDI may fully replace your income if you have a disability. Determining the severity of the condition affects your policy after you have disclosed that you have a mental health condition and have seen a health care professional for it. A pre-existing condition often affects your coverage.
Is it a pre-existing condition?
Mental illness might involve a variety of conditions and can include the following in your private disability insurance:
- Panic disorders
- Bipolar disorder
- Suicide ideation
It will be up to the insurance provider to assess the risk that you provide when considering you for insurance. According to your illness and severity, coverage might be for full coverage, a denial of coverage or lesser coverage. Lesser coverage might mean lower amounts for a shorter period of time.
There may be limitations
Attached to your insurance, a limitation rider might consider:
- Mental/nervous and substance abuse
- Mental disorder/substance abuse
- Mental and/or substance-related disorders
A rider may limit the period for which the benefits are payable; two years may be the period for mental illness. If you are still disabled after the period ends, you may no longer receive payments.
If you or a loved one have a mental illness and have issues with private disability claims, it may be wise to consult an attorney experienced in this type of law. They may help you navigate the disability process.