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January 2, 2009, Newsletter Issue #41: The Most Popular Long Term Disability Benefits Terms
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Tip of the Week
Long term disability benefits should be examined from at least two primary perspectives
How much money would you like to receive each month you are considered to be disabled? How long would you like your monthly income benefits to continue during a covered disability? Sure, you’d like $35,000 per month for life and you intend to live to the wonderful age of 119 years. Naturally, a bit more realistic thinking is necessary to create the best long term disability insurance plan for you. Please consider the following ideas as part of your evaluation.
Common long term disability benefits provide for payment of 55% to 65% of your current income. Sometimes, supplemental long term disability options may include the ability for you to increase your monthly income percentage to 70% to 75% (a few plans even allow you to receive up to 80%). Before you decide on the percentage of income you’d like to receive, consider the following – Create a “minimum” budget showing the lowest amount of income you’d need to meet your basic obligations, and Be aware of the monthly maximum income payment limitation in your coverage. Determine which of the most popular benefit periods is best for you. There is a wide range of long term disability benefits payable periods. Typically, the most common benefit terms are – Two years Five years Up to age 60 Up to age 65 Lifetime Always remember that your regular monthly or annual premium cost will be directly affected by your desired long term disability insurance benefit level and payment period. Your wish list should become an action plan when it is matched with your fixed expenses, budget, and current monthly cash flow. Your goal should be to achieve the best coverage when matched with your current budget. Let information websites, like ProtectYourIncome.com, help you turn information into action.
Refer to your insurance policy contract for specific information regarding your coverage and for actual terms, conditions and exclusions. The above statements are general in nature and may or may not reflect the actual terms of your insurance policy.
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