Are elimination, or waiting, periods different in an STD policy than in a LTD policy?
The elimination, or waiting, period in disability insurance is the length of time between the onset of a qualifying disability and the point in time when benefits first become payable. In STD plans, waiting periods may range from 0 days to 3, 7, 10 or 14 days, depending on the insurance policy and the reason for the disability. Disabilities resulting from accidents usually require shorter elimination periods (3 or 7 days) than disabilities caused by sickness. LTD plans usually have elimination periods that range from 3 to 6 months, or longer, for for both accidents and illnesses related disabilities.
