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Disability insurance is difficult to live without these days. It is an insurance product designed to replace anywhere from 45-60 percent of your gross income on a tax-free basis should a sickness or illness prevent you from earning an income in your occupation.
Long-term disability insurance provides you with income for a long period of time, such as two years, five years, or until you retire. Most people who have long-term insurance get it through their employers, although you can buy individual long-term insurance on your own.
Short-term disability pays a percentage of your salary if you become temporarily disabled, meaning that you are not able to work for a short period of time due to sickness or injury.
You generally start receiving money from your disability insurance policy within one to 14 days after becoming sick or disabled. The actual time for coverage to kick in depends on whether you suffer an illness or injury. You should contact a disability insurance company for more information. They will also give you a disability insurance quote. If you suffer an injury, your benefits will be paid immediately. If you suffer an illness, it will take longer because there needs to be enough time to show that the illness is grave enough to be disabling.