Long Disability Coverage

Long term disability insurance can be purchased individually through an agency or through an employer sponsored disability program. Those individuals who are unemployed, temporarily out of work, or in need of supplemental coverage will be responsible for seeking their own policy. Coverage through work will allow an employee to retain a portion of their income while they receive medical rehabilitation for whatever ailment disables them. Long term disability insurance coverage is available to those that put a portion of their paycheck into a premium. When the employee is approved for reimbursement of funds, they must forgo an elimination period.

The elimination period is the amount of time that must be given between the last paycheck that the employee received and the time when official funds are released. Long term disability insurance is typically paid by both the employee and employer. The longer the employer works for a particular organization, the more money is deposited into the employee's long term disability insurance coverage account. Employees may be offered the option of contributing to their coverage, or they may be required to do so.

The option to purchase this type of coverage is dependent upon the employer's plan. Although long term disability insurance is designed to provide income for the disabled employee for an extended amount of time, there are limits. The maximum limits are determined by the particular plan chosen, and the amount of the premium that is paid for the long term disability insurance coverage. The higher the premium paid, the more coverage available for a longer period of time. The lowest premiums will only cover a small percentage portion of the disabled employee's salary and for no longer than 6 months. Choosing which type of plan or policy to select is important for the individual.

"Through wisdom is a house builded; and by understanding it is established." (Proverbs 24:3). Christians that are paying into a long term disability insurance plan should be sure to research the insurance agency responsibly for a reputable service before actually purchasing a policy. If the employer only offers one choice, then the Christian should take advantage of that benefit. A Christian is responsible for financial stewardship with the money that they are given by God. Finding the most reputable company to do business with and a fair value for product or service is part of the financial stewardship responsibility. It is crucial to use wisdom and discretion when dealing with financial matters.

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