Disability Insurance

Short Term Disability Insurance pays a portion of the employee’s salary if (s)he is disabled for a defined length of time (e.g. sixteen weeks).  Coverage may be provided through an insurance company, or covered directly by the company.   

 

Long Term Disability Insurance pays a portion of the employee’s salary if (s)he is disabled for a long time, or permanently. A typical plan would come into effect after the expiration of a waiting period, which may be covered by the company’s short term disability coverage. If the employee pays the premium, any benefit received is tax-free. If the employer pays the premium, the benefit is taxable.  Coverage is typically provided through a third-party insurer.

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