Illness or injury can keep anyone from working for days, weeks, or longer causing a drop in income. Disability insurance was created to provide income when an insured is not able to work because of a disability. There are two forms of disability insurance – short-term and long-term. If you have been injured or become ill, you need to know the difference between these two types of disability insurance programs.
Short-term disability insurance is a type of insurance that covers part of loss income due to an illness or injury. Short term disability usually provides benefits for a term between 3-6 months. Once qualified benefits usually begim immediately.
Long-term disability insurance can be purchased with a 5, 10-year or longer benefit period or even until you reach retirement age. The approval process for long-term disability benefits can take months. Permanent disabilities or medical conditions usually qualify for long-term disability benefits, if they prevent the insured from performing the duties of his or her occupation or depending on the policy language, any occupation for which the insured is qualified to perform. The policy language in these policies is critical. Long-term disability insurance policies usually require that you are disabled for a certain length of time before you are eligible to receive benefits. This is called the elimination period and acts as your deductible. The elimination period can vary from policy to policy but it usually is 90 days. The benefits that you will receive will be a percentage of your average salary.
Disability insurance claims are frequently denied by insurance companies.
The article, Short-Term vs. Long-Term Disability Insurance, has more information on this subject.
You can reach Miami Long Term Disability 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 J.P. directly at [email protected].