Disability insurance is categorized into “short- term” and “long- term” categories. There are also many features associated with these types of policies.
Short term disability insurance can provide benefits for up to 6 months for an illness or injury. Long term disability insurance will generally begin when the short term insurance benefits and unemployment insurance (EI) end. Other forms of disability insurance exist for more specific uses, such as insurance that covers critical illnesses or those that guarantee mortgage payments (disability mortgage insurance) in the event that you are disabled and can no longer make your periodic payments.
Also, there are a number of features attached to the types of disability insurance available. For example, non-cancelable disability insurance is the most comprehensive, and thus often most costly, form of coverage. The primary benefits to a non- cancelable policy is that the policy-holder retains control and the insurer cannot cancel the policy. Guaranteed renewable insurance policies allows an insured person to guarantee their policy, on similar terms and premiums, when it comes time to renew their policy.