Short-term disability and long-term disability are both coverages worth exploring. Knowing the differences between them is a crucial first step in determining the policy that meets your needs.
How Long Will It Take To Get Benefits?
Short-term policies can provide benefits more quickly than long-term disability policies. However, most short-term policies have at least one waiting period before you can receive benefits. For example, there could be a 14 day period after an injury and a longer period after an illness.
Long-term disability policies usually have a waiting period of 90 days, but waiting periods are typically between 30-720 days.
How Are Disability Plans Purchased?
Short-term and long-term disability plans can both be purchased from insurance companies. Many employers also offer disability policies as part of their benefit packages.
How Costly Are Disability Insurance Policies?
Long-term policies tend to be more expensive due to the potential length of benefit payouts. If you can only afford short-term or long-term disability, long-term is the right choice. A long-term disability policy can protect your income and wellbeing for decades.
In the event of a short-term illness or disability, you have other options. Worker’s compensation, Social Security and other protections may be available to make ends meet.
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