Long-Term Disability Insurance - Versa Business Systems

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LONG TERM DISABILITY INSURANCE
Becoming disabled is something no one
anticipates, but an unexpected illness or injury
can leave you unable to work and dealing with
severe financial difficulties. Long-term
disability insurance (LTD) serves as a safety
net, offering income replacement in the event
that you are unable to carry out your job
responsibilities due to a covered disability.
www.versabusinesssystems.com
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About Us
Accidents happen, illness strikes unexpectedly,
and life throws curveballs at us when we least
expect them. When faced with a debilitating
injury or chronic condition that prevents us from
working, our financial stability may hang in the
balance. That's where long-term disability
insurance comes into play. It provides income
replacement during prolonged periods of
incapacity, ensuring peace of mind and security
for policyholders. Let's delve deeper into the
importance of long-term disability insurance and
how it works.
www.versabusinesssystems.com
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What Is Long-Term Disability Insurance? Long-ter
m disability insurance replaces a portion of your
income if you become unable to work for an
extended period due to illness or injury.
Typically covering conditions lasting longer than
90 days, policies vary depending on waiting
periods, benefit amounts, and duration of
payments. By safeguarding your earning potential,
long-term disability insurance enables you to
maintain your lifestyle, meet ongoing expenses,
and avoid depleting savings accounts during
difficult times. Why Do I Need Long-Term
Disability Insurance? While most people
understand the value of health insurance, few
recognize the critical role played by long-term
disability coverage. According to the Council for
Disability Awareness, nearly one in four
twenty-year-olds will experience a disabling
event before retirement age. Moreover, Social
Security Administration data shows that just 37
of applicants receive disability benefits, making
private long-term disability insurance essential
for protecting yourself financially.
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Critical Features Of Long-Term Disability
Policies 1. Waiting Period Also called the
elimination period, this is the length of time
between becoming disabled and receiving benefits.
Shorter wait times increase premium costs
however, choosing an appropriate waiting period
based on personal circumstances ensures
affordability without sacrificing necessary
coverage. 2. Benefit Amount Most insurers
replace approximately 60 of pre-disability
earnings up to a specified limit. Determine what
percentage best aligns with your budgetary needs
and consider tax implications associated with
employer-provided plans versus individually
purchased policies. 3. Duration Of Payments
Depending on individual policies, long-term
disability insurance can last anywhere from
several years to lifelong coverage. Factor in
anticipated recovery timelines, existing
resources, and future goals when deciding which
option suits you best.
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Phone
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Thank You.
Address
9635 Philadelphia Rd Suite 100, Rosedale, MD 21237
www.versabusinesssystems.com