Disability Insurance Benefits
All working adults should be concerned with disability insurance. It is one of the most important benefits that a working adult should consider. This insurance provides replacement income when an employee is insured or disabled. The first type of disability insurance is short-term insurance. The second type is long-term insurance.
Short term disability has a 0-14 day waiting period. And the maximum benefit period is no longer than two years. Short term disability is useful if you experience injury or illness that is minor, moderate, or less severe. Pregnancy and broken bones are great examples of reasons to use short term disability. A short term policy allows you to receive partial payment of your regular income during your disability.
Long term disability has a 2-6 week waiting period. The maximum benefit period is a few years up to your entire life. Long term disability covers all illnesses and injuries that can cause you to be unable to work. If you experience permanent disability, then long term disability will provide income.
Some employers provide basic disability coverage. If you need disability, speak with your employer to see what is available and how to proceed.