What is Long-term Disability Insurance?

Long-term Disability Insurance provides financial protection if you are unable to work for an extended period of time due to a serious accident or illness. When you are disabled, your everyday financial obligations combined with the loss of your paycheck can be overwhelming. According to a Harvard University study, 62% of individuals file for bankruptcy due to medical bills, and surprisingly, 78% of these individuals DO have health insurance. You will then receive a monthly check to help you replace a part of your income--typically, 60% of what you made before you were disabled. The monthly checks are income tax-free, and they will typically last for a fixed period of time: 2 years, 5 years, or sometimes longer.