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Long Term Disability Insurance FAQs

Things to consider as a chiropractor

Have you put off getting disability insurance? Maybe you aren't sure exactly what it is or if you need it. We can help clear up some of your most commonly asked questions about this important type of protection.

Question 1

Why is disability insurance important?

Most people understand the need for life insurance. They want to protect their loved ones financially if the unexpected happens. The truth is, a disabling injury or illness could also have a devastating financial effect on you and your family.

You rely on your income to pay your bills; what if you could no longer work? Do you have enough set aside for all of your expenses? For how long? You may have options to help you out, but do you really want to borrow from family or friends, tap into your 401k or deplete your savings?

Long term disability insurance can be a great help for your family. It pays a monthly benefit while you are sick or injured and unable to work. You can use the benefits however you’d like.


Question 2

Why is disability insurance especially important for chiropractors?

Simply put: You don’t have a desk job. Your profession is an active one, and you rely on your good health to earn a living. Someone who works in an office setting may be able to perform their duties with an injury; it would be difficult for you to adjust someone with an injured shoulder or back.


Question 3

How long does long term disability insurance pay benefits?

The length of time you receive long term disability benefits varies by plan. Common benefit periods are 2, 5 and 10 years. Or, benefits are sometimes payable to retirement age, which is helpful for an extended disability.


Question 4

What is own occupation disability insurance?

Own occupation disability insurance provides benefits if you are not able to work in your chosen profession. Any occupation disability insurance provides benefits if you are not able to work in any occupation you are qualified for by education, training or experience.

The majority of disability policies are a combination of the two. They may provide own occupation coverage for a certain length of time, and then switch to any occupation coverage.

Hint: Look for “gainful” in the definition of an any occupation policy you’re considering. That generally means you can earn a certain percentage of your chosen field earnings, such as 60%.

Question 5

Can I have more than one disability insurance policy?

Some people do purchase more than one disability insurance policy. For example, if their main policy doesn’t offer benefit levels that meet their needs, they may choose to get a supplemental policy. It’s important to keep in mind that the total benefit amount you can receive from disability benefits is capped. For example, group plans will typically allow you to collect up to 60% of your income, while some individual plans cover up to 70% of your income.


Benefit amounts may be reduced by other sources of disability income, such as Social Security, Workers’ Compensation and other disability insurance plans. So, you may not receive the full benefit amount from both plans. Make sure you understand the maximum amount you can receive from any disability insurance policies you have.

Question 6

What are the advantages of a group disability insurance plan?

Some professions are riskier than others, so people in those industries may have a harder time finding coverage. A group plan can provide a valuable option. In addition, the benefits and/or features of a group plan may be tailored to your specific needs.


Rates are another factor. An individual disability insurance plan may mean LTD premiums are based on a wider variety of professions and risks, which could mean higher rates. If you find a group plan, rates are more likely based on similar risks, resulting in more affordable rates.
 

Question 7

What determines the rates for disability insurance?

It’s difficult to pin down the average cost of long term disability insurance, since so many factors affect the premiums. Things that help determine ltd premiums include:

  • Age
  • Profession
  • Health
  • Benefit amount
  • Waiting/Elimination Period
  • Duration of benefits
  • Type of plan (individual, group)

Question 8

Is applying for long term disability difficult?

Applying for disability insurance is easier than ever. Some companies offer online quotes and applications. You may not need to undergo a medical exam, depending on the specific plan and your health. It’s certainly worth checking out.


The more you know about this valuable protection, the easier it is to get the best long term disability insurance for your needs. Make sure you and your family are protected if you become sick or disabled and unable to work. Have more questions? Give us a call at 800-932-9240.

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