Long Disability Rates

Long term disability insurance rates are an inexpensive way to prepare for an extended period of inability to work and loss of income. Typically people think of coverage that is necessary for the home, car or medical needs. However, it is easy to forget that regular employment income is how those needs are met and without the ability to work these assumed protections quickly become impossible to keep. This inability also affects how the home is run and provisions for the family are depleted. A manageable long term disability insurance rate is therefore critical because it protects income with the support and ability needed to cover financial needs while physical disabilities work to be corrected or overcome with the right care and physician.

Being physically afflicted is not a new occurrence nor is it a surprise to find times of distress come upon each and every person. Paul wrote of spiritual afflictions but they can relate to the reality of physical long term disabilities that plague many. "No man should be moved by these afflictions: for yourselves know that we are appointed thereunto...we told you before that we should suffer." (1 Thessalonians 3:3-4) Rates are calculated on a percentage per $100 of income. There can be a variance of long term disability insurance rates within a given company plan, however due to choices made on the individual, plans other than that determined by the employees' salaries. That variance in rates is by the election of the individual's elimination period - the time which they choose to delay receiving the benefits once they become disabled and eligible. Normal elimination periods are between 90 days and 180 days. This variance in elimination periods before the benefits kick in reflect a decrease in the long term disability insurance rate as the elimination period increases. A standardized monthly plan is offered by some companies and include coverage of the member's spouse or partner for free.

From the start, it is important to understand the conditions that disqualify an applicant. The applicant cannot qualify for long term disability insurance rates if they are already pregnant or soon to be pregnant, unemployed, earning less than $18,000/year, required to carry a weapon for their job, or looking for individual short term coverage. While these categories often cause confusion, the applicant should clearly understand the purpose of a long term disability insurance rate. This is not for someone who is disabled already or is already facing a medical problem. If the applicant is already in one of these categories it is recommended to research the use of whole life insurance as an alternative.

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