Some policies call for weekly checks, but most pay monthly. A policy also might include a provision allowing the insurance company to pay the entire benefit in one lump sum, cutting short any further liability. Beginning payment date. The longer you can go without receiving insurance benefits, the lower your premiums will be. Before you choose a longer waiting period, however, make sure you have enough savings and other resources to cover your expenses over that time.
All policies limit the monthly amount of disability benefits paid to recipients.
Try to estimate realistically how much income you would need if you were disabled. Ending payment date. Disability insurance is designed to replace earned income, so benefits may last from one year to the rest of your life, depending on when you get injured and what other sources of income are available to you. If you agree to receive benefits for a shorter time, your premiums will be lower. Most people buy policies that pay benefits until age 65 when they qualify for various government programs.