When you hear the term “long-term disability,” you may consider that these benefits last from the time you receive the disability to the end of your life. However, this is not always the case, as many types of plans are different from the next one. How insurance policies pay out are usually in one lump sum that will keep you grounded for a long time, but disability works differently.
If you receive long-term disability, you could receive benefits over a long period of time – from years to decades, to the rest of your life. This will usually be dependent upon the policy that you have chosen. This means that you could choose a policy that does not last as long as another, based upon how long you believe your injury will have an impact on your life.
Don’t start thinking about when your benefits are going to end, though. The real question is: When will my benefits start? The elimination period is also commonly referred to as the “waiting period,” and is the time it takes before your long-term benefits actually begin. If at some point during this waiting period you are no longer disabled because you recover from your injuries, you will not move onto long-term disability benefits. If, however, you remain disabled, your benefits will kick in when the elimination period ends. This waiting period has legitimately only been enacted so that insurers can ensure that your disability is actually long-term and that making a claim for disability is appropriate and necessary.
The problem is that the elimination period could last anywhere from 30 days to a year in time. Two questions you may want to ask is: How much do I want to pay for premiums? And ‘How long can I afford to go without pay?’ This is because, the longer your waiting period, the longer you will go without an income and need to come to a solution about how you will replace your income in the meantime. This could be detrimental to you and your family, especially in cases where your loved ones rely on you.
How long your long-term disability benefits will last actually varies from person to person. It also depends on the type of policy you have, which means that there is no set-in-stone definitive time in which your disability will stop. You should expect it to kick in, though, after your short-term disability expires. Most of the time, it can pay off to invest in insurance that could last until the age of retirement, which is right around 65. This really depends on your specific disability and how long you expect to suffer the effects of your disability.
At Edelstein Martin & Nelson, we want to help make a difference in your case and help you receive the disability you deserve when you have sustained a serious, long-lasting injury. We have obtained excellent results from many workers who have suffered from long-term disabilities and want to extend a helping hand to you today. Give us a call as soon as possible at 800-300-0909 or 215-731-9900 to get started on your case.