Cost & Coverage
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Buy yourself some time to recover.
If you’re unable to work for a short period of time due to a disability – an injury or illness – short-term disability insurance will replace your income while you recover. The exact definition of a disability will be outlined in your insurance policy. The length of time that short-term disability insurance lasts – the benefit period – is typically between three and six months, and is often offered through employers as a benefit to employees.
Short-term disability insurance can be comparable in cost to long-term disability insurance. However, it’s oftentimes more economically feasible to get a short-term disability policy through your employer, who may offer it for free or at a low cost, rather than paying the full cost on your own for a relatively limited policy (in terms of coverage amount and length, compared to long-term disability insurance).
The cost of a short-term disability policy depends on several factors, including:
The main difference between short-term disability insurance and long-term disability insurance is the benefit period. Long-term disability insurance policies are designed to last for many years, sometimes until retirement, while short-term disability insurance protects for under a year. The total benefit for short-term disability is therefore smaller. Despite the different lengths of coverage, short-term and long-term disability insurance policies can cost the same, between 1-3% of your income.
Short-term and long-term disability insurance policies work to complement each other. Short-term disability insurance protects your immediate income needs, while long-term disability insurance is there if you need longer periods of coverage. There is usually little overlap between them, because you have to exhaust your other disability insurance options before your long-term disability insurance kicks in.
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Yes, we have to include some legalese down here. Read it larger on our legal page. Policygenius Inc. (“Policygenius”) is a licensed independent insurance broker. Policygenius does not underwrite any insurance policy described on this website. The information provided on this site has been developed by Policygenius for general informational and educational purposes. We do our best efforts to ensure that this information is up-to-date and accurate. Any insurance policy premium quotes or ranges displayed are non-binding. The final insurance policy premium for any policy is determined by the underwriting insurance company following application. Savings are estimated by comparing the highest and lowest price for a shopper in a given health class. For example: for a 30-year old non-smoker male in South Carolina with excellent health and a preferred plus health class, comparing quotes for a $500,000, 20-year term life policy, the price difference between the lowest and highest quotes is 60%. For that same shopper in New York, the price difference is 40%. Rates are subject to change and are valid as of 2/17/17.
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