Long Term Disability FAQs

What if I can’t work, but SSDI or worker’s compensation does not provide enough income to provide for my family and myself?

A long term disability policy can help make up the difference in income. No long term disability policy will replace 100% of your income (this might remove an incentive to return to work), but LTD can supplement any government benefits.

How much of my income can a LTD policy replace?

Many policies from employers replace up to 60% of lost income (after SSD or Workers Comp benefits). Individual policies can cover up to 70 or 80% of your income. Policies from employers may have a benefit cap. So, even if you are covered at work, you may wish to supplement your work policy with individual coverage to protect yourself and your family. If you are self-employed, you should definitely have LTD coverage in case you are permanently unable to work.

How can I find out how much LTD coverage I need?

SmartMoney.com has an online calculator that can help you determine how much coverage you need and what it might cost. This link will take you to their page.

While I’m waiting for a decision from Social Security, is there anything I can do to help with my bills?

You may be able to get a loan or work with your lenders to suspend payments for a period of time.  If you’re facing some extended time out of work and you’re concerned about your bills, contact each creditor individually and explain your circumstances.

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