Shortterm disability insurance is most commonly known for being a benefit available through an employersponsored, group insurance plan. It is one of the benefits most often offered and obtained at work, but can also be purchased on an individual basis.
To define short-term disability insurance is quite difficult because of the variations available. It provides a monthly benefit when an illness or injury prevents you from being able to work for a relatively short period of time. In a group benefit setting, it usually constitutes a disability insurance policy that has a 714 day elimination period and a 36 month Benefit period, which means benefits begin after 714 days of being unable to work and will pay for up to 36 months per claim. On an individual basis however, shortterm disability insurance can constitute anywhere up to a 2 or 5year benefit period.
Purchasing Individual ShortTerm Disability Insurance
There are somewhat limited options available when it comes to purchasing individual shortterm disability insurance. In fact there is only one company we know of and work with that offers what most would consider true shortterm disability insurance, for individuals. However, we rarely find that the price associated with this coverage is worthwhile.
Due to the high request for information related to individual shortterm disability insurance, we have recommended for most people to consider a long-term disability insurance policy designed to provide a shortterm benefit. For example, structuring a longterm policy to have a 30 or 60day elimination period and 2 or 5year benefit period. This type of policy structure still provides benefits within a relatively short waiting period but will continue to pay benefits for a more extended period of time. Being that the average longterm disability claim lasts somewhere between 23 years, this type of policy structure provides more comprehensive protection than a shortterm disability policy that only has a 3 or 6month benefit period.
If you are interested in purchasing shortterm disability insurance, our disability income specialists can assist you in finding quality coverage that fits your specific circumstances and occupation. To review your options, call 18008174522.
ShortTerm Disability Insurance for Pregnancy
One of the most common requests we see is for shortterm disability insurance that provides maternity leave. If you are looking for this specific form of benefit, you are in for quite the challenge. To date, we are not aware of any companies offering benefits for normal pregnancy to individuals. The policies we offer and companies we work with cover claims for pregnancy complications, but not normal pregnancy. The only options for maternity benefits are with group insurance plans. If you would like to discuss these options, call 18008174522 or submit a quote request to speak with a financial representative. Be sure to mention that you are interested in discussing group options.