Disability Insurance Policy Basics and Your Disability Policy | Brandon Long Term Disability Attorney

If you are sick or injured and unable to work, you and your family are probably experiencing financial problems. Disability Income Insurance can replace, in part, a paycheck, so it is important to understand the disability  benefits you purchased. I would suggest that you get a copy of my book ““Robbed of Your Peace of Mind? Important Information on Long Term Disability Insurance Policies, the Claims Procedures and How to Win Your Long Term Disability Benefits” to learn about your disability policy.

Disability policies have common provisions. Plans have a specific period of time you have to be disabled before the disability benefit kicks in and you start receiving payments. There is also a maximum time limit you get paid before benefits stop. Think of it as a starting and ending point for your disability/ERISA benefits

Disability benefits plans generally only cover 2/3 of your gross income. However, there are offsets that can reduce your disability check by the receipt of Social Security, Workers’ Compensation benefit and 401K benefits. You could end up with a minimum payment of $100.00 after all reduction and deductions are made.

There are two types of disability insurance. Short term disability is just that- payment for a short period which can last six weeks to twenty-six weeks. Long term disability plans can last 2 years, 5 years, 10 years, and even in certain cases, can last you until you are 65.

Short-term disability usually can only be purchased on a group basis through your employer. Short-term disability benefits can start immediately after an injury or illnesses. Policies will typically pay after one or two weeks or being off of work.

Long term disability plans are more complicated than short-term disability plans. The waiting period for benefits can be one to six months or more, with an average waiting period of 90 days. Long-term disability plans have all sorts of limitations which I discuss in my book Robbed of Your Peace of Mind? Important Information on Long Term Disability Insurance Policies, the Claims Procedures and How to Win Your Long Term Disability Benefits”.  One of the most important is an “own occupation” policy. This “own occupation” policy says that if you cannot work in the job you were trained for (by schooling or experience) you are considered disabled and eligible to receive benefits. There are many other types of disability policies with different definitions of disability. Do you know what your policy says?

Do not let an disability insurance policy intimidate or confuse you. If you have any questions regarding short or long term disability policies contact experienced St. Petersburg Long Term Disability/ERISA Attorney, Nancy Cavey. Regardless of where you live, she can help!

If you have any questions, please give us a call at 727.894.3188 or contact us online by clicking here.

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