Long-term insurance is designed to protect you from the impact of a possible disability through a long period of time. That is, the insurance company is obliged to cover a percentage of your monthly salary for a long period of time if you qualify as a disabled individual.

As with all other types of insurances, there are many factors that affect and will probably change the terms of a long-term insurance. For example, some insurance policies will only cover you for as long as you haven’t reached retirement age. Still others will cover you for the rest of your life. The duration of the coverage is not the only thing that you should care about. It is strongly recommended that you read each and every term of the policy. There might be stipulation that you might not agree to. Will they ask you to find another job? Will they prohibit you from practicing another job? How long will it take for you to prove that you are disabled?

Also, remember that not all insurance policies will cover you with the same percentage of your original salary. The percentages vary and can be anywhere from 40% to 70%. Don’t neglect this important detail. It is the number one factor that will define what your income will be in case you become disabled.

Statistical research shows that the possibility of becoming disabled (in most cases partially or for short periods of time) throughout your working career is pretty high. Don’t let yourself come to an unpleasant situation. Try to search for a good insurance company. Ask about your obligations towards the insurance company. Do research and choose the best insurance for you. Remember that you are applying for a long-term policy; thus, it might be what you will have to deal with for a long period of your life.

Damian Sofsian