The name of disability insurance refers to a type of insurance product that provides income for policyholders who are unable to work or earn an income because of a disability.
The length of time that you are entitled to benefits (payments) is called a benefits period. The length of your disability insurance benefits period depends on whether you are receiving government or private benefits. You can also pop over to this website to know more about disability insurance.
Image Source: Google
Disability insurance will depend on whether you bought long-term or short-term disability insurance (or both) and the details of your policy.
Short-term disability insurance covers temporary disabilities. The benefits periods for short-term disability insurance are different. They can last as little as three months, or as long as five. They are most often somewhere in between: one to two years.
Long-term disability insurance covers permanent disabilities or those that are expected to last a long time. The benefits period for long-term disability insurance may be short or can last until you retire (usually 65-70).
Both government disability insurance benefits, as well as government benefits, require a waiting period. This is also known to be called an elimination period. Private disability insurance usually has a shorter waiting time, a simpler claims process, and a greater benefit amount than the government.
Private disability insurance has its waiting times. The waiting period for short-term disability insurance is shorter (zero to ninety-day) than that of long-term disability insurance (up to ninety months).