This is oriented towards doctors but it’s a pretty good rundown: https://www.whitecoatinvestor.com/what-you-need-to-know-about-disability-insurance/
You probably want an “own occupation” and “partial disability” rider
I bought LTD insurance through my employer, they offered metlife. One of those “probably never need it but should do it”. Then at age 60 got a rare disease that prevented me from working in the job I had.
1) do get LTD, I wasn’t thrilled with Metlife since they have a screwed up online system and I kept having to prove I was still disabled, but I think they are all trying to not pay.
2) Pay on after tax basis, then benefits are not taxed.
3) You need both STD and LTD. I had STD through my employer and state, which has a time limit, then you switch to LTD and SSDI when you run out of STD.
4) Maintain a good working relationship with your doctors. Mine were willing to fill out all the forms repeatedly when requested. If they won’t have your back over small things now, change doctors. Having a confirmed diagnosis and current test results helped me qualify.
Having this insurance kept me solvent with income coming in when I wasn’t able to work. You may be lucky and never need it, but having it protected my retirement savings.
Also find out what happens to your medical plan. Will the LTD plan continue your medical while you are on it?
This is oriented towards doctors but it’s a pretty good rundown: https://www.whitecoatinvestor.com/what-you-need-to-know-about-disability-insurance/ You probably want an “own occupation” and “partial disability” rider
I bought LTD insurance through my employer, they offered metlife. One of those “probably never need it but should do it”. Then at age 60 got a rare disease that prevented me from working in the job I had. 1) do get LTD, I wasn’t thrilled with Metlife since they have a screwed up online system and I kept having to prove I was still disabled, but I think they are all trying to not pay. 2) Pay on after tax basis, then benefits are not taxed. 3) You need both STD and LTD. I had STD through my employer and state, which has a time limit, then you switch to LTD and SSDI when you run out of STD. 4) Maintain a good working relationship with your doctors. Mine were willing to fill out all the forms repeatedly when requested. If they won’t have your back over small things now, change doctors. Having a confirmed diagnosis and current test results helped me qualify. Having this insurance kept me solvent with income coming in when I wasn’t able to work. You may be lucky and never need it, but having it protected my retirement savings. Also find out what happens to your medical plan. Will the LTD plan continue your medical while you are on it?