New Jersey residents understand how quickly things can change when they cannot work for an extended period. Long-term disability insurance is a supplemental policy that can help cover expenses while recovering from a disability lasting longer than three months.
What is long-term disability insurance?
This policy differs from short-term disability, workers’ compensation and FMLA. It’s specifically related to your medically diagnosed disabling condition and length of time of disability; it is insurance that typically covers 60-80% of your wage income.
The value of long-term disability insurance is particularly prevalent in labor-intense positions. The greater risk of injury increases the value of having added coverage. Workers’ compensation covers work injuries until you can return to work. Should your injury become a long-term disability, a supplemental source can help keep bills paid on time.
Should you get long-term disability insurance if you’re in good health?
The risk of injury or illness that could render you unable to work for months, years or permanently is the primary reason to consider a long-term disability policy. These policies cover you for most accidents, illnesses or injuries based on the policy terms.
The costs of the policy will depend on certain preexisting conditions, work risks or potentially reoccurring injuries. Injuries received during the commission of a crime are one exclusion to eligibility for this insurance type.
A long-term disability policy can be a job-related benefit or can be purchased privately. The job option will likely be low to no out-of-pocket costs. Private plans may have an increased cost depending on premiums and deductibles.
Is long-term disability insurance necessary?
If you’re concerned about not being able to work at some point, then long-term disability is a smart option. Pregnancy or parental leave, cancer diagnosis or other condition that would keep you off work for longer than three months makes this policy highly valued. Shopping around for a good comprehensive policy that suits your needs will help you decide the right policy for you.