Long Term Disability policy premiums depend on your age, gender, health history and your occupation.
An important factor is the policy elimination period. This is the length of time you go without getting benefits. Sometimes people choosing a ninety-day period of time to go without benefits at the onset of their disability. When the time is up, the Long Term Disability carrier will start paying your benefits. The longer your elimination period, the cheaper your premium. I’ve seen elimination periods as long as a year and I would not encourage that.
I would suggest a ninety-day elimination period.
You also get to choose how long you will get paid benefits. Most companies will let you chose benefits that last between two, five years to age 65, 67 or for the rest of your life. Quite frankly, it’s very difficult to find a policy these days that will pay a medical professional for the rest of their life and more commonly these disability policies will pay through the age 62 or 65.
Regardless of the price tag, remember you are insuring you and your ability to work. As the breadwinner you have the obligation to yourself and your family to provide them with support even in a time of your disability. If you have any questions about the Long Term Disability process, contact us today so we can get you on the right track in your claim. 727-894-3188.