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A long-term disability is an illness or accident that impairs you from working and earning an income for a period of 3 months or longer.
Lon-term disability insurance will pay a monthly benefit in case you can't work for three months or longer.
Benefit period is usually 2 years, 5 years, or to retirement age (age 65, 67). The waiting or elimination period is generally 90 days or 180 days, after which benefits start.
Wiki User
∙ 11y ago
Wiki User
∙ 10y agoIndividual long-term disability premiums are not tax deductible, but paid with after-tax money; therefore the benefit will not be taxable.
The only disability insurance premiums that are tax deductible are the business expense and overhead DI (BOE/DOE) and Buy-Sell DI, as well as Key-Person DI.
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