Disability insurance benefit period

What’s a limited benefit period?

This refers to a benefit period that’s capped at a certain number of years, like two, five or 10.

Some people opt for a limited benefit period to lower the expense. Others have no choice. If you have a serious health condition or a family medical history of cancer, stroke, diabetes or high cholesterol, your insurer might consider you too risky for full coverage.

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Name	Product	Coverage Amount	Benefit period	Waiting period	Own Occupation	Medical exam required
Prudential disability insurance		Short-term: $100–$3,000 Long-term: $300–$6,000	Short-term: 3, 6 or 12 months Long-term: Up to ages 65, 67, or 70, or 2 or 5 years	Short-term: 30, 60 or 90 days Long-term: 90, 180 or 365 days	No	Yes	Go to site More Info	Compare	loading Fetching your data...
MassMutual disability insurance		Not listed	2, 5 or 10 years or up to age 65, 67 or 70	60, 90, 180, 365 or 730 days	Yes	Yes	Go to site More Info	Compare	loading Fetching your data...
Guardian disability insurance		$500 to $20,000	2, 5 and 10 years to age 65, 67 and 70	30, 60, 90, 180, 365 or 720 days	Yes	Yes	Go to site More Info	Compare	loading Fetching your data...
Principal disability insurance		$400 to $20,000	Up to ages 65, 67, or 70, or 2 or 5 years	30, 60, 90, 180 or 365 days	No info available	Yes	Go to site More Info	Compare	loading Fetching your data...
Mutual of Omaha disability insurance		Simplified issue: $300–$4,000 Short-term: $300–$5,000 Long-term: $300– $20,000	Simplified issue: 12, 24 or 36 months Short-term: 3, 6, 12 or 24 months Long-term: 2, 5, or 10 years, or to age 65 or 67	Simplified issue: 30 days (injury) or 90 days (sickness) Short-term: 0 (accident), 7, 14, 30, 60 or 90 days Long-term: 60, 90, 180 or 365 days	No info available	No	Go to site More Info	Compare	loading Fetching your data...

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Is it worth choosing the “until retirement age” benefit period?

Choosing benefits that last until you retire won’t cost much more than a 20-year policy. There are a few situations where a long-term disability policy that pays out “until retirement age” makes sense:

• You’re in a specialty occupation that requires a specific skill set. For example, a surgeon needs high cognitive function, precise motor skills and quick reflexes to do their job properly. If you become disabled and lose those skills, you’d benefit from a disability policy with a benefit period that stretches until retirement. It can protect you from future income loss and pay out until your Social Security kicks in.
• You have a high-risk job. If the work you do is considered high-risk, like working in the oil field or construction, your chances of experiencing a permanent disability are much higher. In this case, you would benefit from a longer benefit period.
• You have a lot of debt to your name. To use the same example, a disability policy that lasts until retirement could help a surgeon who’s working to pay off their student debt. You could use your disability benefits to repay your loan and keep your credit in check.

Does the length of the benefit period affect premiums?

Yes. The longer the benefit period, the more you can expect to pay for coverage.

While no one can predict a disability, the average disability claim lasts 32 months — a little over two-and-a-half years — according to the most recent data from the Council for Disability Awareness.

With this stat in mind, a five-year benefit period is enough to cover most people.

Bottom line

Disability insurance policies have a benefit period, which is the maximum length of time your insurer will pay benefits. When you’re choosing a benefit period, there’s no “right” answer. The best one for you comes down to your budget, occupation and whether or not you have other insurance coverage.

If you want to protect your paycheck, compare disability insurance companies to get the strongest possible policy and premium.