Updated: Sep 13, 2020
Both short-term and long-term physician disability insurance are designed to provide income replacement to you in the event you are not able to work due to injury or sickness. The difference between these two types of policies is the amount of time they are designed to sustain your income. But when, exactly, would your disability fall under short-term or long-term?
A short-term disability insurance policy will cover you for a select period up to a maximum of two years, depending on the insurance carrier. A long-term insurance policy will cover you for a select period of a minimum of two years and up to the age of 70, again, depending on the insurance carrier.
There are advantages for both policies, you just have to select which policy fits your needs the best. For a short-term policy, the elimination period (the consecutive number of days for which benefits are not payable at the start of a disability claim) is anywhere from 1 to 90 days and the benefit period can be up to 2 years. For a long-term policy, the elimination period is anywhere from 90 to 365 days and the benefit period can be up to the age of 70.
The type of physician disability insurance you end up purchasing will depend on what your insurance needs are. Contact us. With over 20 years of experience we can help you walk through the best policy for you.