Accidents and illnesses can happen to anyone, anytime. Even if you have health insurance in New Jersey, it may not be enough to cover the costs associated with a disabling injury or illness. That’s why supplemental long-term disability insurance is so important. It provides essential income protection that can help bridge the gap between your current resources and what you need should you become disabled due to an accident or illness.
How it works
Disability insurance is a type of policy that pays you a benefit if an unexpected injury or illness makes you unable to work. It usually covers up to 60% of your regular income, including wages and commissions. You can use the money for day-to-day expenses like rent or mortgage payments, utility bills and groceries.
However, if there are additional costs associated with your disability, such as medical bills or home modifications to accommodate a disability, supplemental long-term disability insurance can help. It provides more comprehensive coverage than regular disability insurance and can help cover the gaps that regular disability insurance does not.
How to get started with supplemental long-term disability insurance
If you want to purchase supplemental disability insurance, it’s important to shop around and compare policies to find the one that best meets your needs. Your employer may offer a policy, or you can purchase one on your own through a private long term disability insurance agent. You’ll also want to look at factors such as coverage amounts, premiums, waiting periods, exclusions and other features to make sure that the policy fits your individual needs and budget.
”Change of definition” in supplemental long-term disability insurance
If you were to change occupations, become self-employed or otherwise have a change of definition, meaning your job title or description changes, you may need to upgrade your policy. Many supplemental long-term disability insurance policies require you to notify the insurer when a change of definition occurs and may require an additional premium for the coverage to remain in place.
No matter how you decide to get supplemental long-term disability insurance, it’s important to remember that it provides an important layer of protection for both you and your family. It can give you peace of mind knowing that if an unexpected injury or illness keeps you from working, you’ll have some financial protection in place.
