Types of Long Term Disability Insurance

Long term disability insurance is designed to replace some, not all, of your income if you suffer an injury or illness that prevents you from performing the duties of your job or profession. But this is a simple answer to a potentially complex issue. The basic types of long term disability insurance include:

• Group long term disability insurance (LTD) provided by private insurers to employers or other associated groups;

• Individual long term disability insurance provided by private insurers;

• Federal long term disability insurance, in the form of Social Security Disability Insurance (SSDI), Supplemental Security Insurance (SSI), Military and Veterans disability benefits, and the Federal Employees Retirement System (FERS); and

• Long term disability coverage provided by state employee, state university, or other municipalities, be they self-funded (benefits come from a municipal fund) or provided by private long term disability companies.

All of these selections are very important to everyone in the workforce, regardless of title or job responsibilities. Long term disability benefits are critical to protecting your most important asset: your current and future earnings. Professionals, be they athletes, doctors, dentists, attorneys, etc., should be particularly interested in obtaining excellent long term disability income insurance as their personal cost of living expenses tend to be higher than many other groups.

As always, knowledge is power. Use well respected websites, like ProtectYourIncome.com, to get information, coverage suggestions, and referrals of top insurance companies providing excellent long term disability insurance products.

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.