For the most part, long term disability works just like any other type of insurance. As the policyholder, you make recurring premium payments, typically on a month-to-month basis. In return, your insurance carrier agrees to pay you long term disability benefits if you suffer a serious injury or illness that prevents you from working for an extended period of time. Each long term disability insurance policy spells out: The benefit amount, or how much long term disability will pay you on a monthly basis if you become disabled. The elimination period, or the amount of time you must wait after a disabling event before your long term disability benefits start. The benefit period, or how long your long term disability benefits will last if you become disabled. The definition of disability, or what types of conditions your policy will cover and what it won’t cover. The premium amount, or how much disability insurance will cost you on a monthly and annual basis. Let’s dive deeper into each of these.