What is Short-Term Disability Insurance?
Short-Term Disability Insurance provides a shorter elimination period, which is the amount of time you have to wait after becoming disabled before the insurer begins to pay your benefits. Short-Term Disability Insurance replaces a portion of lost wages during the time a disability occurs.
What is Long-Term Disability Insurance?
Long-Term Disability Insurance has a longer elimination period. However, there is a much longer benefit period, which are the payments you receive on a monthly basis until you recover or reach the age of 65.
Are small business owners required to provide Disability Insurance?
In California, small businesses are required to provide Short-Term Disability Insurance.
What is the difference between Disability Insurance and Workers Compensation Insurance?
It is easy to confuse Disability Insurance and Workers Compensation because both provide payment for injuries. The main difference between the two is that Workers Compensation covers any injuries that are work related while Short-Term Disability Insurance covers an injury/illness that is not necessarily work related.
What are the advantages of Group Disability Insurance?
There are many benefits of Group Disability Insurance which are listed below.
Lower premiums are common among group plans.
Covered employees may have the option to keep their Disability Plan even if they leave the company.
Providing this type of Insurance attracts possible employees.
Purchasing a Disability Policy through an employer may be a better idea if you have pre-existing conditions.