Long-Term Disability Insurance (LTD)
what is it?
Long-term disability insurance (LTD) is an insurance policy that guarantees employees will receive a percentage of their income if they are unable to work for an extended period of time due to an illness or disabling injury. While LTD insurance does not provide insurance for work-related accidents or injuries covered by workers’ compensation insurance, it does cover an employee involved in a personal accident such as a car accident or a fall.
Guynn Waddell knows the rules and procedures of filing long-term disability claims with insurance companies. Our experienced team is available to oversee and advise clients throughout the claims process to ensure their best interests are met. We want to ensure LTD insurance companies act in good faith when evaluating benefits applications and are not unfairly denying or delaying claims. We understand the frustration employees feel when their claims are denied, despite the fact that they or their employer have dutifully paid the required insurance premiums. It is our goal to provide clients with exceptional service and give them the best chance of winning their disability benefits.
what else should i know about ltd?
Please keep in mind the following information when applying for and receiving LTD insurance:
- To qualify for long-term disability insurance, employees must prove they meet their insurance company’s definition of disability through documentation from their doctors and employers
- Some policies pay disability benefits if the employee is unable to work in his or her current profession, whereas other policies expect the employee to take any job that they are capable of performing. It is important to fully understand your insurance company’s specific LTD requirements.
- If approved, LTD benefits are paid out by the insurance company similar to paychecks in that the employee receives a pre-determined amount every month, typically around 50-70% of their salary
- Long-term disability insurance begins once short-term disability insurance benefits end (typically after three to six months)
- Some policies provide employees LTD benefits for a specific amount of time (two to ten years), whereas other policies pay employees until they are 65 years old
- Each long-term disability insurance policy has different conditions for payout, including which diseases and pre-existing conditions are excluded
