Long-Term Disability Insurance - Maryland - Versa Business

1. 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

2. 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

3. What Is Long-Term Disability Insurance? Long-term 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.

4. 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.

5. Phone (410) 864-8034 Thank You. Email info@versabusinesssystems.com Address 9635 Philadelphia Rd Suite 100, Rosedale, MD 21237 www.versabusinesssystems.com