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Our New York disability insurance attorney often finds that clients do not understand what they must prove to qualify for benefits.  This post will explain some key terms found in long term disability policies that may determine whether .

More and more people are investigating long term disability coverage these days and with good reason; a study conducted by the Council for Disability Awareness, reports that one out of four 20 year olds will have a long term disability before they reach 65 years of age. Moreover, the average time they will be out of work is over two years. Long term disability insurance is typically offered through employers, but individuals can also buy it on their own.                                                        

All insurance policies have limitations in what they cover. One such limitation in is for pre-existing medical conditions. It is preferable that an individual who is seeking LTD policy coverage has had no prior medical concerns, but not everyone’s health is ideal. As our NY long term disability lawyers know, having a pre-existing condition is a variable, and how it exactly will impact the individual claimant is a matter involving the nature of the condition, the type of coverage being sought and the underwriters of the insurance company involved.

Long term disability (LTD) benefits can provide a vital economic lifeline for those who have an illness or injury that prevents them from working. Our long term disability claims attorneys can explain the importance of reading and understanding the specific terms of any insurance policy entered into, but most LTD policies replace a certain percentage of pre-disability income for a set period of time. For example, common monthly benefits are 66 percent of previous income payable until the claimant’s normal retirement age as determined by the Social Security Administration (SSA).  Whether the LTD benefits are taxable or not will have a significant impact on the individual’s quality of life.

Long term disability benefits can be a vital component of an employee’s compensation package. Some employers deduct a small amount from the employee’s paycheck to pay the premiums while other plans are fully funded by the company. In addition, individual plans are available to supplement company plans or if no plan is offered. In any case, our New York disability attorneys will explain that a long term disability plan will replace a portion of a covered employee’s income for as long as they remain disabled under the definitions, exclusions, limitations and provisions of the policy.