short term disability

Short Term Disability: Policy Provisions

Every insurance policy is going to dictate different terms and conditions. Luckily, the potential insured has at least a small choice on which policies work for them and can pick and choose a lot of provisions in an insurance policy.

Sometimes, however, the potential insured has to either go along with what the insurance policy states or simply go without insurance.

And in the case of short-term disability insurance, there are static provisions and terms in the policy just like this.

So What Provisions Should I Look Out For?

Because short-term disability insurance is primarily concerned with covering workplace injuries, a lot of policies are concerned with making sure that the employee is a fully-fledged member of the staff.

This means making sure that the employee is working enough hours to be considered full time (usually at least 30 hours a week).

Another policy provision to look out for is one stating that the employee must have been working for the employer for a set of amount of time before a claim can be filed and coverage takes effect.

What About Other Provisions?

Most of the provisions in a short-term disability policy are, luckily, customizable to the potential insured. These include the most important aspects, such as benefit period, benefit amount, and waiting period.

Other things to look for are what the policy defines as a disability. Somethings the policy must define as a disability by law, and others the insurance companies may have more leeway with.

The provisions listed above are not meant to be exhaustive or representative of all potential policy provisions and terms. They were only meant to make you aware of the static terms that the potential insured is incapable of changing and must take extra care to review them.

Disclaimer: This information does not constitute financial advice. For specific information concerning your financial situation, please consult your local financial advisor.

By Foxx Financial

We are focused on financial literacy and a want to help others grow assets, reduce and remove debt, or just understand financial concepts better.

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