Short answer
Short-term policies typically kick in after you've been out of work a week or two and may pay for a few months. Long-term policies typically kick in after a few months out of work, and as long as you keep meeting the policy's definition of disability, you may be able to collect until retirement age.
A short clip from his webinar for residents and fellows, with captions.
Watch the full webinar from 9:49Short-term
Short-term policies typically kick in when you're out of work for a week or two, and they may pay out benefits for a few months.
Long-term
Long-term policies typically don't kick in until you're out of work for a few months, often three or six. Assuming you can continue to trip that litmus test, the policy's definition of total disability, you may be able to collect until retirement age.
That's why the definition of disability matters so much on a long-term policy. It's the test you have to keep meeting for as long as you collect.
Where Jay covers this
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