Many kinds of employers offer long-term disability (LTD) insurance for full-time or salaried workers. This kind of insurance provides some payoffs for employees who suffer some sort of disability and have to stop working for an extended period of time.
On top of life insurance and major medical insurance, businesses offer long-term disability for employees as an option for those who want this kind of additional financial protection. Businesses may pay some or all of a premium for long-term disability, or employees may choose whether or not they want a long-term disability policy that comes with a premium taken out of their paycheck.
Changes in Long-Term Disability Insurance
Providing this type of insurance is something that has been trending throughout the business world. Government resources show a tremendous increase in the provision of long-term disability insurance from the 1960s through the 1980s. However, in more recent years, many employers have cut this type of insurance coverage for workers.
Benefits of Long-Term Disability Insurance
Having long-term disability insurance coverage benefits employees and their families. This coverage guarantees more income in many different cases where someone may be injured or suffer chronic conditions that can impair their ability to work. Having this kind of coverage contributes to a greater sense of security for both the business and its employees. It can also mitigate some of the necessity for unemployment payouts if those who would otherwise draw unemployment can draw money from long-term disability policies. Offering long-term disability coverage shows employees that the employer cares about them and their families. Industry experts point out that the high chances of a given employee needing long-term disability insurance make this kind of insurance extremely valuable and a significant financial safeguard for career professionals over the long-term, even for those who don’t work in high-stress manual labor professions.
Common Reasons for Long-Term Disability Claims
In today’s increasingly data-centered business world, many of the most common types of long-term disability claims involve injuries from repetitive action, such as hand, wrist, or ankle injuries. Other kinds of long-term disability insurance involve musculoskeletal injuries or other kinds of specific work-related injuries that lead to the loss of an employee's livelihood or career. Anything that keeps someone from doing their previous job can qualify a policyholder for an LTD claim. Various policy provisions determine any exclusions or disclaimers to this eligibility.
For more on long-term disability insurance, call 888-279-9701 and ask about the various ways that these kinds of plans cover workers in different job roles and industries. Quotes forms are also available for Colorado long term disability insurance on our website.