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What type of group disability insurance do you have?

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If your employer provides benefits, it is important to understand exactly what you are getting. After all, this is part of your compensation package.

While not the case with all companies, some provide employees with group disability insurance. If this sounds familiar, you should take the time to learn more about the coverage that is provided to you. This may not sound like a big deal right now, but you never know when you will need to make a claim in the future.

Generally speaking, there are two types of group disability insurance: short term disability and long term disability. Some companies provide both, while others only provide one.

As the name suggests, the difference between short and long term group disability insurance is easy to understand. Short term coverage is for injuries and illnesses that keep you away from work for a short period of time. Long term coverage, on the other hand, is for issues that could linger for a longer period of time, such as nine months or more.

In addition to the type of coverage, you should understand the amount of money you will receive if you make a claim. This will give you a clear idea of whether or not the benefit will cover your expenses.

Even if you have group disability insurance, it doesn't necessarily mean you can make a claim and begin to receive benefits on the spot. There is an application process you must follow. If for any reason your claim is denied, you need to learn why and then decide what to do next.

Source: Principal Financial Group, "Group Disability Insurance," accessed Jan. 05, 2016

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