Short Term Disability is used to replace approx 40-70% of your salary if disabled for a "short" period of time. Most short term disabilities last from 3-6 months, although the cap can be as high as two years. The coverage may kick in as soon as the disability is determined, or there may be a waiting period. If purchasing your own policy, the higher the premium you pay, the shorter the waiting period.
Some of the uses for short term disability are partial income replacement in case of pregnancy, muscle strains, broken bones, pneumonia, heart attack, or chemotherapy treatments.
Short term disability insurance is paycheck protection in case of a disability event. And many consumers can only afford short term disability versus long term disability coverage. Mutual of Omaha is a major carrier in short term disability insurance. Keep in mind that you may have short term disability insurance through your employer’s group benefit plan. You also have Social Security disability insurance, although benefits may be limited.
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Some of the uses for short term disability are partial income replacement in case of pregnancy, muscle strains, broken bones, pneumonia, heart attack, or chemotherapy treatments.