There are two main types of disability coverage:
· Long-term disability insurance helps provide income replacement for an extended period if you aren’t able to work. Depending on the policy, there may be a waiting period that ranges from a few weeks to several months. Maximum benefit periods may also apply, ranging from a few years to lifelong benefits.
· Short-term disability insurance helps provide income replacement for a shorter time period. A typical short-term disability policy has a waiting period of zero to 14 days with a maximum benefit period of up to two years.