Difference Between Short-Term Disability Insurance and Long-Term Disability Insurance
When you seek disability insurance, you should be aware of the two major types of coverage: short-term disability and long-term.
If you are working in a corporate organization, you should be able to get both these types of coverage in the form of a group plan.
However, if you are self-employed or if you do not get these benefits at work, you can contact the insurance company to ask for short-term and long-term disability coverage.
You can get the disability coverage quickly by contacting an insurance company.
It will provide you the coverage in addition to your health coverage.
You can also get this as a rider to life insurance.
But it is better to take separate coverage so that there is a proper differentiation between long-term and short-term disability.
People usually feel that of the two, long-term insurance is better but people who say this without knowledge are merely ignoring the benefits of short-term disability coverage.
The short-term disability insurance policy has coverage from 3-6 months.
There is a 7-14 day waiting period, meaning, you will get coverage in that window period, after being disabled.
You will keep on getting the financial benefits for up to 3 to 6 months for the disease or the injury.
In other words, this insurance is like monetary benefit for your sick leave.
In other words, short term disability covers you for disease or injury that renders a part of your body immobile for a short period of time.
The long-term disability insurance policy benefits come to effect after 90 days of being disabled.
The benefits continue to be accrued by the person for 5, 10, 20 years or even till the retirement or more, depending upon what type of policy the individual takes.
Long term insurance policy is very good for people who lose their ability to earn income due to a disease or injury that leaves them handicapped for long periods of time or throughout their lives.
It is one of the best ways through which an individual is able to support his family and save them from financial disaster which happens due to the loss of his ability to work.
People have various types of coverage, life, health and even for vehicle but they do not have disability insurance because they think that they would never become disabled.
God willing, you will live a health life forever, but if everyone thought they would not become disabled, there would not be a need for disability insurance.
The odds for being disabled are more than what we perceive.
All people have home, auto, life and health coverage, but many do not realize that it is necessary to couple them with a strong disability policy.
A long-term disability could eliminate your ability to pay for certain financial obligations, such as your mortgage, medical bills and car payments.
The 1994 Statistical Abstract of the United States shows that 1 in 10 people will suffer a disability.
The 2000 report on disability statistics reveal that every one in 7 people between the ages of 35 and 60 have short-term disability.
So it is better to get insured with disability insurance.
If you are working in a corporate organization, you should be able to get both these types of coverage in the form of a group plan.
However, if you are self-employed or if you do not get these benefits at work, you can contact the insurance company to ask for short-term and long-term disability coverage.
You can get the disability coverage quickly by contacting an insurance company.
It will provide you the coverage in addition to your health coverage.
You can also get this as a rider to life insurance.
But it is better to take separate coverage so that there is a proper differentiation between long-term and short-term disability.
People usually feel that of the two, long-term insurance is better but people who say this without knowledge are merely ignoring the benefits of short-term disability coverage.
The short-term disability insurance policy has coverage from 3-6 months.
There is a 7-14 day waiting period, meaning, you will get coverage in that window period, after being disabled.
You will keep on getting the financial benefits for up to 3 to 6 months for the disease or the injury.
In other words, this insurance is like monetary benefit for your sick leave.
In other words, short term disability covers you for disease or injury that renders a part of your body immobile for a short period of time.
The long-term disability insurance policy benefits come to effect after 90 days of being disabled.
The benefits continue to be accrued by the person for 5, 10, 20 years or even till the retirement or more, depending upon what type of policy the individual takes.
Long term insurance policy is very good for people who lose their ability to earn income due to a disease or injury that leaves them handicapped for long periods of time or throughout their lives.
It is one of the best ways through which an individual is able to support his family and save them from financial disaster which happens due to the loss of his ability to work.
People have various types of coverage, life, health and even for vehicle but they do not have disability insurance because they think that they would never become disabled.
God willing, you will live a health life forever, but if everyone thought they would not become disabled, there would not be a need for disability insurance.
The odds for being disabled are more than what we perceive.
All people have home, auto, life and health coverage, but many do not realize that it is necessary to couple them with a strong disability policy.
A long-term disability could eliminate your ability to pay for certain financial obligations, such as your mortgage, medical bills and car payments.
The 1994 Statistical Abstract of the United States shows that 1 in 10 people will suffer a disability.
The 2000 report on disability statistics reveal that every one in 7 people between the ages of 35 and 60 have short-term disability.
So it is better to get insured with disability insurance.
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