Life is unpredictable and just when you think you have everything planned out; things may just come crashing down. While you may not be able to prevent life from happening you can have a safety net – and that’s where having a Long-Term Disability Policy comes in handy and a qualified Pennsylvania disability attorney can help you during this difficult time.
Long-Term Disability policies operate as a safety net if you suddenly become disabled due to an illness, accident, or injury. If this occurs and you are no longer able to work and provide for yourself, this policy will typically pay 50 to 80 percent of your income before becoming disabled. The lengths of the policies tend to vary; some even offer coverage until you reach 65. However, the average long-term disability claim in California is about three years.
These policies also include something known as a “maximum monthly payment,” which will decide how much you will receive on a monthly basis. This can range from anywhere between $4,000 and $25,000 per month depending on what you made before. Many policies will even factor in more than your usual salary and include things like commissions bonuses.
There are two kinds of policies: an Own Occupation Policy and an Any Occupation Policy. Of the two options, the Own Occupation Policy is the more comprehensive choice. It allows you coverage if you cannot work in your chosen field while the Any Occupation Policy will only offer coverage if you are not able to work in any field.
When shopping for a policy, you want to be aware of non-cancelable coverage and residual benefits. In general, this means that they can’t cancel your policy or raise your rates and that you will still qualify for assistance if you are only able to work part-time.
It is just as important to look for other features in a good policy such as a guaranteed renewable option, cost of living adjustment, future increase option, and catastrophic disability benefits. The details and fine print of these features can be complicated and often times tend to be overlooked by consumers. That’s why in order to find the best policy and to ensure that you are covered in case of an emergency, contacting an experienced disability attorney is one of the most important steps you can take to understanding the terms and conditions. A proper Phildalephia disability lawyer will also play an important role in assuring that you will get the policy that best fits your financial needs.
At Edelstein, Martin & Nelson, our highly qualified disability lawyers know all of the ins and outs of what makes a good policy. Although we understand that disabilities often come on unexpected, and whether you’re trying to prepare for the future or file a claim for benefits now, our experienced attorneys can help you determine your best possible options. Call 800-300-0909 or 215-731-9900 to schedule a free consultation today.