Long Term Disability Insurance

Long term disability insurance can help replace some of the lost income if you suffer a disability that makes you unable to work.


Long Term Disability Insurance

No one likes to think about disabling accidents and illnesses, but they can happen to anyone. And, as a D.C., an injury or sickness could leave you unable to practice—and without an income—for weeks, months, or even longer.

Long term disability Insurance is designed for these situations. Monthly cash benefits can help cover your bills while you are unable to practice and earn an income.

How much will LTD protection cover?

Generally, you can choose a monthly benefit amount that replaces up to 60% of your pre-disability monthly earnings. This 60% limitation is an insurance regulation to prevent people from profiting from receiving disability insurance benefits.

How soon can I receive LTD benefits?

Disability benefits are payable after a “waiting” or “elimination” period that starts after your covered disability is incurred. Common waiting period options are 60, 90 and 180 days. The shorter the waiting period, the sooner benefits are payable. But keep in mind, the shorter the waiting period, the higher the premiums. Before you decide on a waiting period, determine how long you can pay your bills and living expenses without a steady income.

What other features are included in an LTD plan?

Disability insurance plans vary. In addition to the monthly benefits payable, common features may include partial disability benefits, rehabilitation services, a waiver of premium benefit and survivor income benefit.

Disability insurance is important protection all working Doctors of Chiropractic should consider. If you are hired as an associate in a professional corporation, it may be provided by your employer.

The information in the NCMIC Learning Center is offered solely for general information and educational purposes. It is not offered as, nor does it represent, legal or professional advice. Neither does this information constitute a guideline, practice parameter or standard of care. You should not act or rely upon this information without seeking the advice of an attorney familiar with the specific legal requirements of the state(s) in which you practice. If there is a discrepancy between the site and an insurance policy you have with NCMIC, the policy will prevail.