Disability Insurance

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Disability Simplified

Short Term Disability Insurance

Short term Disability insurance

Short–term disability insurance is most commonly known for being a benefit available through an employer–sponsored, 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 7–14 day elimination period and a 3–6 month Benefit period, which means benefits begin after 7–14 days of being unable to work and will pay for up to 3–6 months per claim. On an individual basis however, short–term disability insurance can constitute anywhere up to a 2 or 5–year benefit period.

Purchasing Individual Short–Term Disability Insurance

There are somewhat limited options available when it comes to purchasing individual short–term disability insurance. In fact there is only one company we know of and work with that offers what most would consider “true” short–term 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 short–term disability insurance, we have recommended for most people to consider a long-term disability insurance policy designed to provide a short–term benefit. For example, structuring a long–term policy to have a 30 or 60–day elimination period and 2 or 5–year 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 long–term disability claim lasts somewhere between 2–3 years, this type of policy structure provides more comprehensive protection than a short–term disability policy that only has a 3 or 6–month benefit period.

If you are interested in purchasing short–term 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 1–800–817–4522.

Short–Term Disability Insurance for Pregnancy

One of the most common requests we see is for short–term 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 1–800–817–4522 or submit a quote request to speak with a financial representative. Be sure to mention that you are interested in discussing group options.