Protecting Your

Income

In a nutshell, disability insurance is a supplement to your income (usually 40% to 70%) that you can use to pay bills and stay afloat when you are unable to work due to an illness or disability. 

But there are many different types of disability insurance and a number of intricate details and terminology associated with each. So please continue.

What’s a Disability Insurance Benefit Period?

Benefit period: This is the maximum length of time predetermined by both parties (the insured and the insurer) that the insurance company will pay the disability benefit. Benefit periods longer than 1 year are considered long-term disability benefits. Benefit periods less than 1 year are considered short-term disability benefits.

Insured: The insured is the person or organization covered under the insurance policy. They are typically the owner of the insurance policy and pay the premiums, but not in every case.

Insurer: The insurer is the entity (typically an insurance company) that is providing the insurance coverage or policy to the insured.

It is best to discuss further details with your independent insurance agent. They can help you pick the right plan for you.

What Is the Elimination Period for Disability Insurance?

Elimination Period: The elimination period is the waiting period before the policy benefits start. In short-term disability plans, this can be as soon as seven days. In long-term disability plans, it is usually 90 days before the benefits kick in, all of which can be adjusted the more you’re willing to pay.

What Are Disability Insurance Riders and Their Benefits?

Disability insurance rider  Disability insurance riders are optional coverage that can be used to customize the plan to your individual needs. Some riders, like social insurance riders, are used to manage cost, while others, like cost of living benefits, are used to enhance coverage.

Disability Insurance Coverages

Long term disability insurance benefits are paid for 2 years, 5 years, or to age 65  depending on the policy. 

Short-term disability insurance pays for a portion of your income if you become temporarily injured or ill and you’re unable to work, paying out anywhere between 40% and 70% of your salary. 

But short-term disability is different from its long-term counterpart, so we’re talking days and months of coverage here, not years. 

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