Few couples have enough savings to support themselves through situations where one is disabled by accident, injury, or illness. Long-term disability insurance allows eligible participants to choose from monthly payouts ranging from $500 to $1,500 a month. Also, benefit amounts are not affected by disability assistance that may be received from Social Security. A 30-year-old minister could receive a monthly benefit of $1,500 for an annual cost of $91.15.
As long as you remain disabled, LTD benefit payments will continue until:
- The calendar month when you reach normal retirement age, as determined by the 1983 Amended Social Security Normal Retirement Age; or
- If your disability starts on or after the date you reach age 60, the expiration of the number of months of disability, as figured from this schedule.
Can I Get Individual Long-Term Disability Insurance if I have a Preexisting Condition?
If you were diagnosed, treated or received medical services within the six months immediately preceding your effective date of Long-Term Disability coverage (the “look-back period”), then you are not eligible to receive benefits if:
- The disability occurs within 12 months following the effective date of coverage, and
- The disability is caused by the same condition for which you were diagnosed, treated or received medical services in the look-back period (as defined above).