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The Downside of an Economic Upturn
Wouldn’t it be nice if you could predict whether you’ll need long-term disability insurance? While that’s only wishful thinking, researchers have identified disability trends. RBC Insurance Group LTD conducted research in Canada and developed an algorithm showing that a worker’s chance of suffering from a long-term disability increases as the country’s gross domestic product increases.
Researchers believe that during challenging economic times, workers feel stress because they’re worried about job security. But when the economy improves and workers feel more secure, their pent up stress and anxiety take a toll.
To qualify for benefits, you must meet the definition of disability listed in your insurance company’s summary plan description. Most policies require you to be unable to perform the essential duties of any occupation for which you are suited by experience and education. The most desirable policies cover you when you are able to perform the duties of your “own occupation.” However, these policies are more expensive and difficult to obtain.
The insurance company will want medical evidence that you meet the policy’s definition of disability before it will pay your benefits. Once you qualify, most policies will pay 50-60 percent of your pre-disability salary.
If your employer does not offer long-term disability coverage, or if that coverage doesn’ t meet your income replacement needs, please call us about individual long-term disability insurance.
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