My long-term disability insurance policy mentions a "benefit period." What does that mean?

Published April 22, 2015|1 min read

It's the length of time for which you're eligible to receive monthly benefits while you have an illness or injury that keeps you out of work. Policies commonly pay for 2, 5 or 10 years or even to retirement age. The longer the benefit period, the higher the cost will be. A 5-year benefit period would cover the average duration of long-term disabilities across age groups. But depending on your age and health, a policy that covers you to age 65 (i.e., pays for a permanent disability) and gives you extra peace of mind might not cost that much more.

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