Where health & dental insurance plans are usually offered, Disability Insurance is typically only available through a limited network of plan providers.
About long term disability insurance companies:
Long term disability insurance companies specialize in providing disability insurance policy cover that lasts for a year or more. They are probably best known for offering plans that last for 5 years.
-Cheaper insurance than health insurance policy.-These plans come with a shorter waiting period for payment of benefits compared to health insurers.
Pros of long term disability insurance companies:
The most important insurance policy coverage requirements are very cheap with long term disability insurance companies and you can get a plan that covers all aspects of your disability insurance.
-Provide a lump sum amount as opposed to a monthly income.
-Provide travel or medical expenses, disability-based life insurance benefits and more.
Pros of long term disability insurance companies:
Long term disability insurance companies are very safe, and have a long term contract with you. They always have a way out for you, but it is costly.
This is a good option for self-employed people.
Cons of long term disability insurance companies:
-They may be slow to pay or stop paying a claim on your behalf if it’s more than 12 months old.-These company insurance policies are very expensive.
Long term disability insurance companies covers payouts from pre-existing medical problems.If policy holder is not insured by insurance company, there is no agency to monitor their medical records.