Comparing Long-Term and Short-Term Disability Insurance
As a nurse, you probably understand how often potentially disabling injuries and illnesses can happen. It’s important to protect your income, yourself and your family in case such a disability were to happen to you.
But the different options for disability insurance can be confusing. This article explores some of the differences between short-term and long-term disability insurance.
Short-Term vs. Long-Term Coverage
Both short-term and long-term disability insurance helps safeguard your ability to earn income if you experience a covered illness or injury that prevents you from working for an extended period. Benefits will continue until you’re medically cleared to return to work or complete the benefit payment period.
The main difference between short-term and long-term disability insurance is the length of coverage. Short-term policies are designed to provide benefits almost immediately for temporary disabilities. In contrast, long-term policies offer benefits over a greater amount of time for more serious illnesses or injuries.
Short-term and long-term policies often work in tandem, so that when short-term disability benefits have been exhausted, income replacement benefits under a long-term disability plan start.
Benefit Periods
The benefit period is the length of time you can receive payments for a covered disability. The benefit period varies based on policy type, provider, and premiums paid.
Benefit periods for short-term disability average between 3 and 12 months. On the other hand, long-term disability coverage, as the name suggests, covers a more extended benefit period, often 2 or 5 years. Another benefit period offered by some long-term policies is true career protection, typically until age 65.
Waiting Periods
A waiting period, also known as an elimination or qualifying period, is the length of time between when a disabling injury or illness occurs and when you become eligible for benefits payment.
Short-term coverage is meant to be available quickly, so waiting periods are typically lower (e.g., 7, 14 or 30 days). Waiting periods for long-term coverage are longer. Thirty days is generally the lowest available, 90 days is common, and up to 365 days is possible. The longer the waiting period, the lower the premium.
Conclusion
Because your ability to earn income as a nurse is one of your greatest assets, having protection for that income is important. In particular, long-term disability insurance can help safeguard you and your family for years in case of a serious covered illness or injury.
If you’re an NSO-insured under age 50, you’re eligible to apply quickly and easily for up to $5,000 a month1 of NSO-sponsored Group Disability Insurance with no medical exam2 and have an approval decision in minutes. There may be no faster way to help protect yourself and your income – all before you go to bed tonight!
(No need to provide an email address or phone number to see your cost.)
Just answer 2 short questions to see your personal cost quote in seconds. If you like what you see, apply online at your convenience.
Underwritten by New York Life Insurance Company, 51 Madison Avenue, New York, NY 10010 on Group Policy Form GMR.
1 Benefits under this policy combined with benefits from all other sources may not exceed 70% of your basic monthly pre‑tax income.
2 QuickDecisionSM is an online process for Long-Term Disability Insurance that allows New York Life Insurance Company to make an underwriting decision on coverage amounts up to $5,000 more quickly. QuickDecision uses data sources to verify your health history, so there are no medical visits or lab tests needed to get your real-time decision. In some cases, we may need to contact you to ask additional questions, and in rare cases request a medical visit. If that happens, all visits are scheduled at your convenience and our expense. QuickDecision is only available for ages under 50. If you’re age 50 or older, a medical exam may be needed at your convenience and no cost to you. See overview at link above for details.
3 Including information on features, costs, eligibility, renewability, limitations and exclusions.
All descriptions, summaries or highlights of coverage are for general informational purposes only and do not amend, alter or modify the actual terms or conditions of any insurance policy. Coverage is governed only by the terms and conditions of the relevant policy
Comparing Long-Term and Short-Term Disability Insurance
As a nurse, you probably understand how often potentially disabling injuries and illnesses can happen. It’s important to protect your income, yourself and your family in case such a disability were to happen to you.
But the different options for disability insurance can be confusing. This article explores some of the differences between short-term and long-term disability insurance.
Short-Term vs. Long-Term Coverage
Both short-term and long-term disability insurance helps safeguard your ability to earn income if you experience a covered illness or injury that prevents you from working for an extended period. Benefits will continue until you’re medically cleared to return to work or complete the benefit payment period.
The main difference between short-term and long-term disability insurance is the length of coverage. Short-term policies are designed to provide benefits almost immediately for temporary disabilities. In contrast, long-term policies offer benefits over a greater amount of time for more serious illnesses or injuries.
Short-term and long-term policies often work in tandem, so that when short-term disability benefits have been exhausted, income replacement benefits under a long-term disability plan start.
Benefit Periods
The benefit period is the length of time you can receive payments for a covered disability. The benefit period varies based on policy type, provider, and premiums paid.
Benefit periods for short-term disability average between 3 and 12 months. On the other hand, long-term disability coverage, as the name suggests, covers a more extended benefit period, often 2 or 5 years. Another benefit period offered by some long-term policies is true career protection, typically until age 65.
Waiting Periods
A waiting period, also known as an elimination or qualifying period, is the length of time between when a disabling injury or illness occurs and when you become eligible for benefits payment.
Short-term coverage is meant to be available quickly, so waiting periods are typically lower (e.g., 7, 14 or 30 days). Waiting periods for long-term coverage are longer. Thirty days is generally the lowest available, 90 days is common, and up to 365 days is possible. The longer the waiting period, the lower the premium.
Conclusion
Because your ability to earn income as a nurse is one of your greatest assets, having protection for that income is important. In particular, long-term disability insurance can help safeguard you and your family for years in case of a serious covered illness or injury.
If you’re an NSO-insured under age 50, you’re eligible to apply quickly and easily for up to $5,000 a month1 of NSO-sponsored Group Disability Insurance with no medical exam2 and have an approval decision in minutes. There may be no faster way to help protect yourself and your income – all before you go to bed tonight!
(No need to provide an email address or phone number to see your cost.)
Just answer 2 short questions to see your personal cost quote in seconds. If you like what you see, apply online at your convenience.
Underwritten by New York Life Insurance Company, 51 Madison Avenue, New York, NY 10010 on Group Policy Form GMR.
1 Benefits under this policy combined with benefits from all other sources may not exceed 70% of your basic monthly pre‑tax income.
2 QuickDecisionSM is an online process for Long-Term Disability Insurance that allows New York Life Insurance Company to make an underwriting decision on coverage amounts up to $5,000 more quickly. QuickDecision uses data sources to verify your health history, so there are no medical visits or lab tests needed to get your real-time decision. In some cases, we may need to contact you to ask additional questions, and in rare cases request a medical visit. If that happens, all visits are scheduled at your convenience and our expense. QuickDecision is only available for ages under 50. If you’re age 50 or older, a medical exam may be needed at your convenience and no cost to you. See overview at link above for details.
3 Including information on features, costs, eligibility, renewability, limitations and exclusions.
All descriptions, summaries or highlights of coverage are for general informational purposes only and do not amend, alter or modify the actual terms or conditions of any insurance policy. Coverage is governed only by the terms and conditions of the relevant policy
