Type of coverage you need
Decide on the type of coverage you require. The disability plan must have specific elements that can force you to stop going to work. Moreover, one needs to understand the benefit and elimination periods. The former refers to the income you will be getting from the policy, while the latter is the time when the policy kicks in after you get injured. The time frame for most policies ends when you enter your mid 60s.
Make sure that the plan you have chosen for yourself covers all disability related coverage. Contact the insurer and ask him to guide you through. As most insurance company mainly offer short-term disability coverage, it is important to purchase a service that caters to your long-term needs. Mental disabilities and incapacitation are certain examples where insurance companies are reluctant to pay you anything.
Coverage at work
Most companies allow you to purchase a long-term disability insurance plan by deducting a certain amount from your pay checks. This is an easier and less risky way of pursuing such an option as you save plenty of money by pooling with other workers. Moreover, the employer may be willing to fund most of the cost for you. While taking this route saves your time, it is important to know what is covered. If you feel that the policy has strict guidelines which can leave you vulnerable, then opt for a personal long-term plan.
Compare each policy
You need to carry out extensive research before deciding to purchase a policy. For that, you will first need to assess personal capacity, factors such as income, age, and your medical condition (any smoking habits etc). The overall cost of a long-term disability plan therefore, will vary largely on account of your own health. Having compared the costs, you must compare the benefits of each policy as well. Whether you want the policy to kick in only in case of a specific disability which has made it impossible for you to work, or want the policy to account for factors such as inflation etc.
Pick a policy
Choose your long-term plan and start paying on a monthly basis or by making a one-time yearly payment.