[suebehar]

I'm currently on long term disability through my former employer's long term disability insurance carrier. I've recently learned that my former employer is going out of business within the year. My question is - what happens to my insurance. Do I still receive my disability payment even though my former company is no longer in business??

Thank you,

Susan

 

[LBH]

Ohh boy!

Hi Susan! Hmm! That is something I too would be worried about also. A question that may be hard for many of us to answer. I would call the insurance company that has you on the disability and talk with them and find out if you will still be covered. Especially if you are being covered by that company. Sometimes when things like this happen the person that has the disability may end up paying the premium because the company bailed out of responsibility leaving that disabled person holding the bag. And paying for something they can't afford. It's best to call and find out now so you can prepare yourself for what may happen in the future. You may still be covered but might have to pay a higher premium for being covered. Make sure you call around and check on this. And I wish you my best and hope that you will still be covered with no extra problems. Good luck!

 

[Maia]

I think you are safe as long as your disability company doesn't go under. If that were to happen then you'd be in trouble. However, once you no longer work and are on disability, you are no longer paying premiums & neither is your employer. However, to be extra safe I would call your insurance provider and ask them if this is true.

 

[lefty3369]

I too am on long term disability. My employer just terminated me due to a reduction in force. I now have to go on cobra which my premiums went up considerably. That will only last 18 months and then I have to find insurance on my own which can be very costly. The company that pays my LTD checks every month will continue to age 65 as long as I am still disabled. I have tried for Social Security and been denied 3 times and am appealing yet again. We have a wonderful government system in the country. Good luck and I would start making some phone calls to make sure you don't loose coverage.

Lori