Short term disability is when an individual is not able to work due to illness, injury or accident causing disability for a short period of time. Disability creates inability to do work and earn income. It is a voluntary type of insurance which replaces most part of your income lost due to temporary disability or short term disability. The coverage is forwarded to the insurance policyholder every month up to the up to one year.
How does the short term disability insurance work?
It is designed to protect both the employee as well as the employer. Ideally, this type of insurance is forwarded by the employer through group disability insurance policy. This helps to protect the employee from financial hardship during the recovery period by providing monthly income as a substitute to the occupational income.
In case if the insurance is not provided by the employer an individual can also get insurance through the individual disability insurance policy.
To get the benefits of the insurance, the employee should not be able to work because of disability then only he will be able to qualify for getting disability insurance.
Short term disability insurance does not cover the long term illnesses which can cause long term disabilities. Although enough number of benefits are provided in short term disability insurance which can easily fulfill your needs.
Benefits of short term disability insurance
- It replaces most part of your income for about a year.
- Once the claim is filed, the waiting period is of short time. The elimination period is between 1 to 14 days in which the employee can start getting benefits of the coverage.
- This policy is best structured for individuals who often suffer from disability or move in and out of disability.
- This is the most affordable insurance. Policy available in the market. The most affordable disability insurance available in the market. Even the low income levels / groups can also afford the policy and create the opportunity for themselves to secure their future.
Short term disability insurance have proven to be the most successful insurance policy ever to be created because it targets many people whose income levels are not high enough to purchase premium policies.
Life is an endless process of taking multiple decisions, be it professional or personal. But when it comes to taking the financial decisions, you need to be smart enough to take a good financial decision and that too on time so that it doesn’t affect your future. But there is nothing to get worried about because short term disability insurance will solve a lot of your problems as well as your financial insecurity.
If you are the one who is involved in the risky job or frequently fall ill than this is the best policy for you as it is also budget friendly to get this policy. The best thing insurance policy does is it helps you a lot in a recovery period as you do not have to worry about the finances.
