The Benefit

Group disability works the same as individual disability plans. It protects an employee from loss of income should he or she become unable to work for a period of time. Most plans permit optional participation in group plans and require a group of 10 eligible people with usually a minimum of two people participating. However, exact numbers vary from carrier to carrier.

The Details

Most disability insurance have a waiting period anywhere from 7 to 60 days. During the waiting period you do not get paid while you are disabled.

There are primarily two categories of disability insurance:

Short Term Disability Insurance – As the name suggests, these policies typically pay benefits for short term disabilities, which usually translates into paying benefits anywhere from a few months to a few years.

Long Term Disability Insurance – These policies typically pay benefits from anywhere from a few years to life. The plans typically cost more than short term disability plans.

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