Long Term Disability Insurance Companies Can Help You In A Crisis

Sunny weather often makes people forget about rainy days. Likewise,  many workers think that disability causing accidents or illness is stuff that can only happen to others and their own chances of becoming disabled are nil. Unfortunately, the statistics and studies conducted by various organizations reveal an entirely different picture. Studies show that 25 per cent of workers aged from 20-40 have serious chances of suffering from some type of disability before they retire. A study by American Council of Life Insurers discloses that one in seven workers will suffer from some serious injury or ailment that is expected to put them out of work for at least five years which is a long period to spend without a steady source of income. If you are insured then long term disability insurance company can replace a portion of your salary that would go a long way in keeping you afloat.

Spinal cord injuries, muscles, foot, hand and tendon disorders, back pain, joint pain, arthritis, etc. along with life threatening diseases like diabetes and cancer are the major causes of disability. A disability can be both physically and mentally devastating since the loss of income can force many people to take drastic steps like defaulting on their loans and mortgage payments (that often results in foreclosure), and even declaring bankruptcy. A long term disability often can often have long term consequences. Disabled workers can tap into their savings to get by for some time but as the days turn into months and months into years they start feeling the pinch. This is where the long term disability insurance companies can really help. Long term disability insurance provides you with a steady income that is usually around 60 per cent of your income for an extended period of time.

It is a sad but true fact that quite a few private long term disability insurance companies are not exactly paragons of virtue. Some unscrupulous agencies do not like it to play fair for the simple reason that more claims settlement literally transforms into a weak balance sheet. They usually deny legitimate claims or indulge in underpayment. Some states have established laws that consider such malpractices by these insurance companies as ‘bad faith’. Policyholders who have been victims of bad faith practices are entitled to additional compensation apart from receiving policy benefits. Bad faith conduct could result in loss of property, loss of savings or equity, inability to pay medical bills, and emotional distress caused by foreclosure and bankruptcy. People who believe that their long term disability claims have been unfairly dismissed should consult expert long term disability insurance lawyers.

Many organizations tie up with long term disability insurance companies to provide disability insurance covers to their employees.  For those workers whose organizations do not provide such insurance covers, they have the option of buying their own policies. Premiums for long term disability insurance for such individuals vary according to the state, occupation, and type of benefits covered. Insurers who provide wider benefits and take lesser time in processing claims command higher premiums.