Understanding long-term disability insurance terminology
A person covered by long-term disability insurance should have full knowledge of the important terms that are used to describe their policy and benefits. These terms are often complicated, but can be easily understood with the help of a disability lawyer.
Some of the common and important terms you should know include:
- Accumulation period – stands for the continuous number of days that a person is diagnosed with disability.
- Elimination period – the duration a person must wait before insurance benefits are provided.
- Monthly indemnity – means the amount of monthly benefits given to a disabled person.
- Benefit period – determines the longest possible duration of the benefits that will be provided to someone for a particular disability.
- Future increase option rider – means that a disabled person can apply annually to extend coverage until the age of 55.
Understanding these important terms can help you in the event that you become disabled for a longer period of time. Additionally, our lawyers at the Hankey Law Office can help people in Indiana better understand such terminology, in addition to providing legal assistance in getting these benefits. Find out more by calling (800) 520-3633 today.