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What are the pros and cons of long-term disability insurance?

Ohio is full of hard-working individuals who want to make certain they remain protected in the face of a debilitating illness or injury. Many people approach such concerns by comparing different types of disability insurance policies. For some, long-term disability insurance is the logical way to avoid a future financial disaster if tragedy strikes and renders them unable to continue working.

As with all insurance plans, there are advantages and disadvantages to disability insurance. One of the most troubling cons involves dealing with long-term disability disputes when an insurer refuses to pay a claim. Other cons associated with long-term policies include the following:

  • Most people must endure a waiting period of 90 or more days before they can collect on their claims
  • Often, long-term disability insurance policies only cover the insured for a specific length of time (typically two to five years)
  • You may lose some of your Social Security benefits when you choose a long-term disability policy

Do not be disheartened by the cons associated with this type of insurance. It also comes with several pros that may sweeten the deal. These advantages include the following:

  • Long-term insurance replaces a portion of your most recent reported income, which helps you manage everyday expenses
  • Aside from any long-term disability disputes that arise, you can expect your claim to cover any type of disability
  • In many cases, you can collect your insurance payouts and at least some of your Social Security benefits at the same time

Because each situation is unique, it is wise to consider all options before ruling anything out. You should also consider how to approach any long-term disability disputes that may arise with your claim. A disability attorney can provide you with sound advice when making these important decisions.

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Law Offices of Tony C. Merry, LLC
7100 North High Street
Suite 302
Worthington, Ohio 43085-2567

Phone: 614-372-7114
Fax: 614-505-6109
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