What is disability insurance? People frequently don’t recognize how dangerous it is to become disabled in today’s society. Obviously, there is the direct impact of becoming disabled; the physical impact. However, equally important is the financial impact that disability has upon you and those dependent upon you. Becoming a person with a disability can be financially devastating to the majority of people, through its removal of your ability to earn your living. Though there are people who can continue functioning normally for a few months by dipping into their life’s savings, there are few people who can afford to stop working for extended periods of time, and still maintain the quality of life that they have come to know. This is where long term disability insurance is the most helpful. Long term disability insurance policies are the tool that provide you with the income that you require over a long period of time, such as several years, in the case that you should become disabled. The majority of people who are benefiting from long term disability insurance have come to have this insurance through their employers, however, it is possible for individuals to purchase long term disability insurance as well.It is long term disability insurance that takes on the financial burden when short term disability runs out. Once the short term disability benefits have expired, the long term disability insurance continues to pay you a certain amount of your normal salary. On average, this amount is about 50, 60, or 66% of your usual weekly pay. Benefits can continue while you need them, up to the age of 65. A long term disability insurance policy premium may be paid by you, your employer, or both of you. Should you be paying for these premiums with your own after-tax money, any disability benefits that you receive are tax-free. However, if it is your employer who has paid for the policy, then it is likely that it was covered by pre-tax money, and any benefits you receive will be taxable. Generally speaking, disability insurance companies work with employers to try to return you to work as soon as is possible. Though both of these parties do certainly care about your health and well being, the simple fact is that it’s significantly less expensive for them when you’re back on your feet and working once more. Therefore, the person at the insurance company who is managing your long term disability claim may seek to discover if you can still work, but at a job that pays significantly less. In this case, you will have to work, and receive from the long term disability insurance company only the additional amount that is required to equal your current salary’s benefits.Additionally, many disability insurance companies encourage employers through incentive programs, to have claimant workers return to work on a part-time basis. This incentive is provided by way of a premium reduction on the group policy when they return a partially disabled person to return to their jobs part-time. Should you become disabled, and receive long term disability insurance, you will no longer be required to pay long term disability insurance premiums. Moreover, if your premiums were paid with after-tax money, this insurance benefit income will be tax-free. Some employers do not offer group disability insurance as a part of their benefits package. Additionally, not all group disability insurance packages are created equal, so you may not feel that your current group disability insurance policy covers you to the degree that you may require. In this case, you can always apply for individual long term disability insurance, to make sure that you are well covered if the unexpected should occur. Long term disability insurance can be purchased through many financial planners, as well as insurance agents who sell life insurance, annuities, or sometimes home or auto insurance agents. Becoming disabled can be financially devastating for the majority of people. If you support yourself or others financially, you should give serious consideration to a good long term disability insurance program, in order to protect you against the worst. Quelle "What is disability insurance?" : General Main page for "What is disability insurance?"