Disability Insurance Information
Short-term disability is voluntary insurance that replaces part or all of your income if you experience a temporary disability. This policy is usually paid by the insured and assists when the employee unable to perform their normal work duties due to injury or illness.
Short-term disability insurance can also benefit the employer. The policy helps to protect an employee by ensuring the employee’s household can remain financially sound long enough to recover and return to their job. Since disability benefits are paid by the carrier the policy also provides financial flexibility that would allow the company to offset labor costs in maintaining the employee’s workload.
Long-term disability is a policy that can work together with short-term disability to allocate income for illnesses and injuries that will last a lot longer. Once short-term disability benefits are drained, long-term disability insurance exists to provide the employee a bit of income until they can return to work.
The qualifications for long-term disability are usually more rigid than short-term disability. Short-term disability payouts can be awarded if you are unable to do your job. Long-term disability benefits are usually awarded if you cannot do any work. Qualifying events are expressed in the policy. It is important to understand when benefits apply and when they do not.
Qualifications can include cancer treatments, chronic pain and debilitating illness or injury lasting more than 26 weeks. If an employee qualifies for another form of income replacement, like Social Security, the long-term disability policy will no longer deliver income replacement.
Disability Insurance Quote Form
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