Short-term disability insurance begins to pay out within a few weeks of eligible disability. Long-term disability insurance can pay out in as little as a month of eligible disability or take up to one year, depending on how the policy is structured. For this reason, many people opt to purchase both short- and long-term disability insurance.
Disability insurance is offered in two increments: short term and long term. Short-term disability insurance pays out between a few months to a few years. Long-term disability insurance pays out for a specified number of years and can be structured to pay out up to retirement age. A Wealth Strategist can help you decide how much coverage you need with a free consultation.
Many jobs offer disability insurance coverage or allow employees to purchase coverage at a discounted rate through employer-sponsored insurance plans. People who are self-employed or whose jobs don’t offer disability benefits can independently purchase a policy or a waiver of premium for disability rider from an insurance provider. Paradigm Life brokers policies through the nation’s top disability insurance providers, including Guardian, MassMutual, and OhioNational, to name a few. Click here to schedule a consultation.
Like any type of insurance, qualifying for disability insurance is dependant upon health, occupation, and age. Schedule a free consultation to see if you qualify.
Disability insurance can be structured to provide income in the event the policyholder is disabled and unable to work.