Long term disability insurance is a policy that protects employees if they are unable to work because of an injury or an illness for a long duration. It's estimated the average employee with a long term disability misses 2 1/2 years of work.
Long term disability insurance helps employees when their short term disability insurance runs out. The long term policy kicks in and pay a certain percentage of the employee's salary. Each policy has different terms and conditions regarding how much is paid out and how long the payouts last. There may also be exclusions for certain pre-existing conditions, diseases or other conditions. Some policies pay benefits if the employee is unable to remain employed in his current line of work, while others expect the employee to take any job that he is capable of doing.
Long term disability insurance is commonly provided by employers through comprehensive benefits package, and there are a number of different plans available. If an employer does not offer long term disability insurance, coverage can be purchased from an insurance agent. Occasionally, it is more expensive to purchase separately. However, any plan offered by the employer may be inadequate to serve the needs of the employee.