Did you know that nearly 20% of all Americans will become disabled in their lifetime? Though you may feel perfectly healthy today, it is possible that in the future, you may suffer from a variety of physical ailments that could leave you unable to work. A majority of Americans would find it difficult to meet their financial obligations should they suffer from a disability that forces them to be out of work for more than just a few weeks. New York Long-Term Disability Insurance provides a steady income should you be unable to work for a lengthy stretch of time.

How does Long-Term Disability Insurance work?

Generally, a LTD policy will pay a portion of your annual income (usually between 50-60%) if you are unable to perform your job duties due to a disability. In most cases, the payout is received for anywhere from two to five years.

What qualifies as a disability?

The Council for Disability Awareness cites illnesses like cancer, heart disease and diabetes as some of the more common causes of long-term disabilities. Painful joint and muscle disorders and arthritis also top the list.

There are a couple different types of LTD policies available. One variety issues a payout if you are unable to work in any capacity while the other offers benefits to those who are unable to perform tasks associated with a specific position. If you are only partially disabled, most policies will offer a percentage of the insurance benefit.

How do I get LTD Insurance?

Many people obtain a long-term disability policy through their employer. If you have this benefit but do not feel though it is sufficient enough, or your employer doesn’t offer this type of coverage, you are able to purchase an individual LTD policy.

According to a recent national study, over 30 million people are currently disabled. Preparing for this possibility is imperative. Whether you are looking to supplement an existing policy or you are looking for initial coverage, New York Disability Insurance offers a variety of coverages to meet your specific needs.  Take charge of your financial future and get coverage today and contact on of our licensed financial specialists.

Tags: New York Disability Insurance