Personal Insurance

Disability Insurance

Protects your income if illness or injury keeps you from working. We translate the confusing terms so you can choose the right short- or long-term coverage.

Looking for Disability Insurance in Bluffton?

GSP Insurance Group has got you covered!

Throughout your working lifetime, you are three times more likely to become disabled than you are to die before age 65. Makes a convincing case for having disability insurance, right?

Why then is it that people have historically been more likely to buy life insurance, not disability insurance?

The answer is simple: insurance consumers are confused by disability insurance. There are so many terms to understand that people typically give up, and end up not purchasing coverage at all.

If that sounds like you, don’t worry. The team at GSP Insurance Group is here to help.

Disability Insurance is critical in ensuring that your income is protected in the event you can no longer work due to an injury or illness.

If you search the internet you’ll see a ton of different results from companies and brokers claiming to offer the best policy, but it’s important that you understand this type of coverage before you make a decision.

The Two different types of Disability Insurance

There are two different types of disability coverage:

Long Term Disability

Long Term Disability (LTD) policies have a waiting period of several weeks to several months with a maximum benefit period ranging from a few years to the rest of your life

Short Term Disability

Short Term Disability (STD) policies have a waiting period of 0 to 14 days with a maximum benefit period of no longer than two years.

Important Disability Insurance Conditions

Non-cancelable

This means the policy cannot be canceled by the insurance company, except for nonpayment of premiums. This gives you the right to renew the policy every year without an increase in the premium or a reduction in benefits.

Guaranteed renewable

This gives you the right to renew the policy with the same benefits and not have the policy canceled by the company. However, your insurer has the right to increase your premiums as long as it does so for all other policyholders in the same rating class as you.

More things to consider

In addition to the traditional disability policies, there are several options you should consider when purchasing a policy:

  • Additional purchase options
    Your insurance company gives you the right to buy additional insurance at a later time.
  • Coordination of benefits
    The amount of benefits you receive from your insurance company is dependent on other benefits you receive because of your disability. Your policy specifies a target amount you will receive from all the policies combined, so this policy will make up the difference not paid by other policies.
  • Cost of living adjustment (COLA)
    The COLA increases your disability benefits over time based on the increased cost of living measured by the Consumer Price Index. You will pay a higher premium if you select the COLA.
  • Residual or partial disability rider
    This provision allows you to return to work part-time, collect part of your salary and receive a partial disability payment if you are still partially disabled.
  • Return of premium
    This provision requires the insurance company to refund part of your premium if no claims are made for a specific period of time declared in the policy.
  • Waiver of premium provision
    This clause means that you do not have to pay premiums on the policy after you’re disabled for 90 days.

If this sounds confusing, don’t worry. The team at GSP Insurance Group is here to walk you through your options and make sure you get the best possible coverage for your needs and budget.

How to get started on your quote

To get started on your quote, call our office or click over to our quotes page. Either way we’ll make the process simple!

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Frequently asked questions

What's the difference between short-term and long-term disability?
Short-term disability (STD) policies have a waiting period of 0 to 14 days and a maximum benefit period of up to two years. Long-term disability (LTD) policies have a waiting period of several weeks to months, with benefits that can last from a few years to the rest of your life.
What do "non-cancelable" and "guaranteed renewable" mean?
Non-cancelable means the insurer can't cancel the policy except for nonpayment, and you can renew each year without a premium increase or benefit reduction. Guaranteed renewable means the policy can't be canceled and benefits stay the same, but premiums can rise if they rise for everyone in your rating class.
What optional riders should I consider?
Common options include additional purchase options, coordination of benefits, a cost-of-living adjustment (COLA), a residual/partial disability rider for returning to work part-time, return of premium, and a waiver of premium after you've been disabled for a set period. We'll explain which fit your situation.

Related coverage

Life Insurance

An affordable way to protect the people who depend on you. We compare term and whole life across multiple insurers and right-size the coverage.

Long Term Care Insurance

Plan ahead for care costs — a leading cause of retirement bankruptcy. We evaluate traditional LTC and newer, flexible funding options so you can retire confident.

Ready to talk it through?

Tell us a little about what you need and one of our agents will reach out. We'll shop your coverage and come back with real options.

Request a Quote (833) 414-3040