This disability insurance coverage are designed to be held by employers and if needed by the employee, that will continue for a specific period, such as a year.
About long term disability insurance:
As a young and healthy individual, chances are you’re going to be under long term disability insurance for much longer than under critical illness insurance. It covers employee or you as employer.
-You are protected against being made redundant for an extended period of time period
-Your wages will be always protected
-You can increase your savings pot
Pros of long term disability insurance:
Long term disability insurance typically costs one to three percent of your income & you will not be required to buy a policy in first three months of your job. Downside is that you will not be paid.
-Decision to purchase long-term disability policy will impact you financially. It is wise move because there are many upsides to long-term disability insurance.
Pros of long term disability insurance:
Long term disability insurance is expensive. In order to cover thus disability insurance, you will need an employer that provides it for you. Even then, this long term disability policy is not cheap.
Like life insurance, you can keep policy up to date, but it will be costly if you do so. Also, if you purchase additional cover, you may be charged premium.▪
Cons of long term disability insurance:
Long term disability insurance typically costs one to three percent of your income & you will not be required to buy a policy in first three months of your job. Downside is that you will not be paid.
For long term disability insurance depending on age, there is a range of premiums available from nothing to about £20 a month. Most people, buying a policy cheaper than renewal premium will be a good.