Going from a Short-Term Disability policy to a Long-Term Disability policy

When you suffer from a short-term disability, you can financially benefit from short-term disability insurance. Getting a long-term disability insurance quote offers financial benefits when you can’t work for more than a year. Usually, there is a waiting period of 90 to 180 days before the LTD benefits kick in. In this article, we are going to find out how you can go from STD to LTD. Read on. 

In some cases, it’s easy to shift from STD to LTD but can be harder in other cases. You should consider several factors as your short-term policy benefits come to an end, such as definition, number of benefits, and policy provider. 

A long-term disability insurance policy is beneficial if you are going to be unable to work for more than 12 months. In this case, you can get a long term disability insurance quote.

What does disability insurance do?

Disability insurance is sometimes called “disability income insurance” because it is designed to replace a portion of your income if you are unable to work because of a serious illness or injury. Disability insurance pays benefits directly to you, so you can cover your expenses with no limitation on how the money can be spent. Policies vary, but disability insurance can protect up to 70% of your income for a period anywhere from 3 months to the time you reach retirement age. While every policy is different, the two main differences between long term and short term disability policies are the length of the benefit periods and the level of coverage each type of policy offers.

Limitations of a Long-Term Disability Policy

Unlike a short-term disability policy, an LTD comes with restrictions that limit the number of benefits you are offered.  

Before you make a switch and get a long term disability insurance quote, make sure you go through the terms and conditions of the policy. 

Insurance Company

If you are going to apply for an LTD and get long term disability insurance quote from the same company you have STD from, the transition may be easier. The reason is that the company has your medical reports and records. Therefore, you won’t have to go through the claim process.

But you will have to go through the required paperwork. Your LTD claim has to be consistent with the claim you filed during your short-term disability insurance. You must compare both your STD and LTD policies to make sure you know the difference between the two. 

If you go from STD to LTD, making a switch can be different for you, especially if you are going to change the policy provider as well. The reason is that the new provider won’t have access to your medical reports, records and documents. 

In such cases, you can file a new claim along with claim form and all your medical records. Since this process can be difficult, make sure you submit a copy of your STD approval letter and other files to support your claim. This will help you let the new company know that you qualify for the new policy. 

So, these are just some important things that will help you transition from a short-term disability insurance to a long-term one. Don’t forget to read about each policy as there is a little difference between different policies. This way you can get the best long term disability insurance quote.

The takeaway

Now that you have debunked some common myths about short or long term disability insurance, we suggest that you get a good policy to cover your expenses in case you become disabled. But make sure you read the policy terms and conditions. Instant Disability specializes in disability insurance and can show you disability insurance quotes from all of the leading companies.

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