If you cannot work due to an illness or injury, short-term disability insurance can help protect your income during that time.
This type of insurance provides income protection to help you cover your monthly expenses, such as rent, mortgage, utilities, or car payments.
Getting an online quote for short-term disability insurance is a convenient way to determine how much coverage you can obtain and what it will cost.
You will typically need to provide basic information about yourself, such as age, occupation, income, and employer industry.
You can find the policy that best meets your needs and budget by comparing quotes from different insurance companies.
How to Get an Online Quote
If you’re looking for short-term disability insurance, getting an online quote is a quick and easy way to determine how much coverage will cost each month. It would be best if you compared policies sold through and outside employers.
Outside Employer
If your employer does not offer short-term insurance, you can still get a quote online for individual coverage. However, the policies have drawbacks.
Short-term disability sold outside employers is available from a select group of issuing companies that overcome the risks of individual coverage by limiting benefits and asking in-depth health questions. Here’s what you’ll need to do:
- Research insurance companies: Look for reputable providers offering short-term disability insurance. You can use search engines or comparison websites to find providers.
- Enter your information: Most insurance providers will ask for basic information, such as your age, gender, occupation, and income, to provide you with an accurate quote.
- Customize your coverage: You can usually tailor your coverage by choosing the length of your benefit period and your monthly benefit amount.
- Compare quotes: Once you’ve entered your information, you’ll receive quotes from different insurance providers. Compare the quotes to find the best coverage for your needs and budget.
Through Employer
If your employer offers short-term disability insurance, you may be able to get a quote online through the benefits portal at your workplace. Here’s what you’ll need to do:
- Log in to your benefits portal: Your employer will provide you with a username and password to access the secure online system.
- Navigate to the disability insurance section: Once logged in, navigate to the area for short-term policies.
- Enter your information: Your employer may have entered some of your data, such as your age and income. You must enter any missing facts to get an accurate cost estimate.
- Customize your coverage: You may be able to tailor your coverage by choosing the length of your benefit period, the amount of your monthly benefit, and the elimination period.
- Review and submit your request: Once you’ve entered your information and customized your coverage, review your quote to ensure it’s accurate. If everything looks good, complete an application for coverage.
Factors That Affect Your Quote
When you’re looking for a short-term disability insurance quote, several factors will affect the cost. Understanding these elements can help you decide about your coverage options.
Policy features and personal characteristics will impact your estimate.
Policy Features
The policy features that you select affect your short-term disability quote. Play around with these elements to find a configuration that fits your budget while protecting your finances adequately.
Our short-term disability pay calculator uses these three policy features to determine how much your policy returns in case of a valid claim.
Elimination Period
The elimination period defines how long you must wait before benefits kick in. The longer the elimination period, the lower your premium quote will be.
However, you’ll need to verify you have enough savings to cover your expenses during this waiting period. A typical elimination period is 14 days, but it can range from 0 to 180 days and vary for sicknesses and accidents.
Benefit Period
The benefit period is the length of time you’ll receive benefits if you become disabled. The longer the benefit period, the higher your premium quote will be.
A typical benefit period is 3 to 6 months, but it can range from 1 month to 2 years.
Monthly Benefit
The monthly benefit is the money you’ll receive each month if you become disabled by a covered medical condition. The higher the monthly amount, the higher your premium will be.
The monthly benefit can be no higher than two-thirds of your monthly income or a pre-set figure such as $7,500. People with incomes above $135,000 annually might hit this cap.
You’ll need to balance the amount of coverage you need with the cost of the premium.
Applicant Characteristics
Information about you, the applicant, affects your short-term disability insurance quote. While there is little you can do about your characteristics, it is helpful to know how these elements factor into costs.
Gender
Your gender, observed and recorded at birth, might influence your monthly premium estimate because women file more claims than men. While males have more accidents, females suffer from chronic illnesses more frequently and might become pregnant.
Short-term disability covers maternity leave, paying out more in benefits than applicants pay in premiums in many cases, making this coverage a critical purchase before conception.
Employer Industry
The industry you work in can affect your monthly premiums. Some industries have higher rates of workplace injuries and illnesses, which can increase the claims the insurance company must pay.
For example, USPS postal workers may have higher premiums than accountants.
Job Role
Your job role can also impact your short-term disability insurance quote. Occupations with a higher risk of injury or illness may have higher premiums.
For example, people with desk jobs (secretaries, executives, etc.) might pay lower rates than workers in roles requiring physical labor (mechanics, road crews, etc.)
Age
Your age could affect how much you must pay for income protection, as older people file claims more frequently than younger individuals.
Fortunately, your rates will stay the same once your coverage begins. Many people sign up before milestone birthdays (50) to lock in the lower premiums for the remainder of their careers.
Smoking
Cigarette, cigar, and marijuana smokers often face higher premiums because they tend to file more sickness claims than non-smokers.
Insurers sometimes include application questions about whether you have smoked or chewed tobacco in the last six or twelve months.
In summary, getting an online quote for short-term disability insurance is a simple process that can help you find the right coverage for your needs. Compare premium estimates from different providers to find the best policy at the best price, given your personal characteristics and feature choices.