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Disability Insurance Explained: Terms, Types, Quotes Insurers

by Delarno D.
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In this article, you will learn all the basic of disability insurance, different types, terms often used, and simple tips to help you save BIG on your disability insurance quotes.

Have you ever wondered what workers do when they are injured or too sick to work? This is where Disability Insurance comes in.

Disability insurance is an insurance policy that provides income if a worker is not able to work and earn money due to illness, injury or accidents. It does not cover work-related injuries, but help workers pay bills and cover expenses for themselves and families when out of work due to disabilities.

Types of Disability Insurance


There are 2 major types of insurance, short term disability insurance, and the long-term disability insurance.

  1. Short Term Disability Insurance: This type of disability insurance policy offers workers a percentage of their salary when they are unable to work for a short period of time due to illness, injury, or accident. This period could be around 3-6 months.
  2. Long Term Disability Insurance: This disability insurance policy offers workers a percentage of their salary if they are unable to work for a long period of time due to illness, injury or accident, usually 6 months and over. This policy is usually more expensive.
  3. Other Types Disability Insurance:

Below are some less common types of disability insurance:types of disability insurance

  1. Mortgage disability insurance
  2. Supplemental disability insurance
  3. Social Security disability insurance
  4. State disability insurance
  5. Self-insurance
  6. Workers’ compensation.

Employers who offer coverage may provide short-term coverage, long-term coverage, or both. If you plan to buy your own policy, shop around and ask each insurer the following questions:

  • How is disability defined?
  • When do benefits begin?
  • How long do benefits last?
  • How much money will the policy pay?

Important Disability Insurance Terms

Here are some disability insurance terms commonly used, and their meanings:

  1. Elimination period: This is the amount of time a person must be disabled before she or she is eligible to start receiving disability insurance benefits.
  2. Benefit period: This is the amount of time a person will receive disability insurance benefits.
  3. Coverage amount: This is the amount of money and Insurer or insurance company will pay as benefits to the insured or policyholder.
  4. Exclusions: Exclusions limit what will be covered by your insurance policy. They are usually pre-existing health conditions and potentially life risky hobbies.

Disability Insurance Companies

Some disability insurance providers are known for long term policies while others for the short term. Here’s a list of top disability insurance companies.

These companies offer top short term disability insurance:

These companies offer top long term disability insurance:

  • Breeze
  • Polygenius
  • TheStandard
  • Illinois Mutual
  • Peterson International Underwriters
  • MassMutual
  • Ohio National.

Simple Tips to Save On Disability Insurance Quotes

Disability insurance can quite expensive; here are a few tips to help you save on disability insurance quotes.

  • Learn to shop around the lowest disability insurance rates
  • Compare policies from different carriers
  • Group disability insurance policies are more cost-efficient
  • Extend the elimination period
  • Reduce the benefit period
  • Find an insurance agent.Insurance Quotes

Now you know what disability insurance is all about, you can now shop and compare your disability Insurance Quotes.

If you know other techniques to save on disability insurance quotes, kindly comment below to share them with our readers.

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