Popular Time Periods for Receiving Disability Insurance Benefits

One of the options you’ll normally have in professional benefits insurance programs will be to select the time period of receiving disability income within the parameters set by top disability insurance companies. The most common range of choices are:

• Two years
• Five years
• To age 65

Some disability insurance companies offer coverage up to age 67 or even a lifetime benefit, although historically these are not popular options because of the increased premium cost. Statistics show that the overwhelming favorite when considering a long-term disability is the choice to be paid benefit income until age 65. If circumstances dictate that reducing your disability insurance premium is a major consideration, you could opt for the two- or five-year option. However, before choosing one of these medical disability options, consider the risks.

Some disability insurance companies offer coverage up to a lifetime benefit with an increased premium cost. Statistics show that the most popular choice when considering a long-term disability insurance policy is the choice to be paid benefit income until age 65. The risk of a 2-year or 5-year benefit period is simply that the benefits will end but your disability may not. It is strongly advised to take the longest benefit period that you can obtain.

Refer to your insurance policy contract for specific information regarding your coverage and for actual terms, conditions and exclusions. The above statements are general in nature and may or may not reflect the actual terms of your insurance policy.