Long-term disability insurance differs from short-term disability insurance by the length of time (and percentage of income) that the policies provide monthly payouts which will be based on the severity of an injury/illness and length of time one is not able to perform their job duties. Because it is all based on unforeseen circumstances, both types of insurance are needed for proper insurance coverage. If purchased prior to an accident or an illness and later you are unable to work for a period longer than 90 days, long-term disability insurance is designed to continue to provide you benefits beyond the limited short-term insurance benefits in the amount you choose to cover in your policy. Private employees often get confused between the Long-Term and Short-Term insurance. Their frequently asked question is what to choose? Well, as we can see that both have great benefits. However, the difference is simple to understand. Short-term disability is an immediate remedy to the financial crises after disability. If you have Short-term disability (STD), it will start paying you the next day to somewhere up to 3 or 6 months of the injury or accident. In LTDs, the coverage period is from 3 months to 2 years, 5 years or age 65 before it stops paying off. For Group Long-term Disability (LTD), all you need is complete your sick leaves, then finish up with short-term disability period, then claim for Long-term Disability (LTD).
Our experienced advisors are able to answer all of your questions and help you along the way. We can customize a Long-Term Disability Insurance policy to meet all of your needs and help you achieve full financial protection. Call us at (800) 788-8921 or fill out our brief Contact Form to be called by an advisor directly.