What is disability insurance? Short vs long-term, cost, and who needs it - Business Insider

When you are injured or ill and unable to work, disability insurance provides you with a percentage of your salary. There are two types: short-term disability and long-term disability, which operate much like they sound — short-term disability covers a much shorter period of time than long-term.

There are disability insurance policies offered specifically for certain professions like doctors, lawyers, teachers, and construction workers. But also, disability insurance is available to self-employed and freelance workers. Your occupation, salary, and health status are some of the determining factors that go into calculating your premium costs. Therefore, costs will vary.

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