Long-term disability insurance and what you should know

Accidents happen, which is why it makes sense to have insurance to protect your financial well-being. Long-term disability (LTD) insurance provides financial assistance if you are unable to work due to an illness or injury.

While many people are familiar with the concept of an LTD policy, there are many moving parts. That is why having some understanding of this type of insurance can be beneficial. 

LTD is a benefit your employer may offer, either paying the premiums or sharing the cost with you through payroll deductions. You can also purchase long-term disability coverage privately. If your employer’s plan includes group disability coverage, these policies tend to have lower benefit amounts so you may therefore want to consider buying additional coverage. To read more, click here.