What Is the Difference Between Short-Term and Long-Term Disability Insurance?

No one knows for sure what life has in store for them. But one 2018 report said that 90 percent of long-term disabilities result from illness rather than accidents. After thinking about that fact, you might want to talk to the insurance experts at Freeland Insurance in Oklahoma City, OK. We sell short-term and long-term disability insurance.

How Long Are Disability Policies In Effect?

Short-term disability policies pay a percentage of your base salary and your medical bills as stated in the policy. Depending on your policy, the waiting period could be from days to weeks before your policy kicks in.

The benefit period for these policies varies according to the policy you choose. However, a short-term policy usually caps the term to receive benefits at a few years at most. That period for a long-term disability policy, of course, is longer. The more years your stated policy has, the more expensive your coverage is. 

What Influences the Cost of Disability Insurance?

Other factors that influence the cost of short-term and long-term disability insurance are your salary, occupation, health, age, gender and location. For your policy to go into effect, you have to be totally disabled. Generally, this means that you are unable to do the duties of the job you had before you fell ill or were injured and that you need the care of a physician.

Who Needs Disability Insurance?

People who benefit by having disability insurance are:

  • Self-employed
  • Sole providers for their family
  • Parents of minor children
  • Workers in hazardous occupations

Contact the Freeland Insurance Agency in Oklahoma City, OK to discuss your short-term and long-term disability insurance.

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