What is Disability Insurance?
Disability insurance is designed to pay out a percentage of the policyholder's current wages if he or she becomes unable to work. There are two types of disability policies available: Short-Term Disability(STD) and Long-Term Disability(LTD).
These policies have waiting periods of up to 14 days with a maximum benefit period of two years
LTD policies have waiting periods of several weeks to several months with a maximum benefit period that ranges from a few years to the remainder of the client’s life.