Disability insurance comes in two different forms – short-term and long-term. Most disability insurance policies require that you must be disabled for a certain period of time before you will be eligible for disability insurance benefits. This periof of time is referred to as the "waiting period" or "elimination period". These insurance policies also have an established time limit in which you are allowed to receive payments. Disability insurance benefits will be paid as a percentage of your income. For example, your benefits could be equivalent to 66 2/3 percent of your gross income.
Short-Term Disability Insurance
Short-term disability insurance is the most used out of the two types of insurance. This coverage is usually only available through a group policy. Typically, short-term disability benefits will begin right after a medical condition prevents you from working. Benefits usually begin after a short waiting period. Short-term disability insurance can be purchased with a 3-month to 2-year benefit period.
Long-Term Disability Insurance
Long-term disability insurance can be purchased with a 2, 5, 10-year or longer benefit period. Applying for long-term disability benefits is more complicated than short-term. It can take anywhere from 1 to 6 months to be approved for benefits. The typical waiting period is 90 days. There are various types of long-term disability insurance policies, each with its own definition of disability.
You can reach Miami Insurance Claims Lawyer J.P. Gonzalez-Sirgo by dialing his direct number at (786) 272-5841, calling the main office at (305) 461-1095, or Toll Free at 1 (866) 71-CLAIM or email Attorney Gonzalez-Sirgo directly at [email protected].
