What is typically the range for elimination periods in disability policies?

The elimination period in disability insurance policies refers to the time frame beginning with a covered disability during which no benefits are payable. It essentially acts as a waiting period before the insured can start receiving benefits. A typical range for elimination periods in disability policies spans from 30 to 180 days.

This timeframe allows for flexibility in policy design; individuals looking for lower premiums may choose longer elimination periods, while those who want quicker access to benefits might opt for shorter periods, typically around 30 days. Therefore, the range of 30 to 180 days encompasses common practices in the industry that cater to varying needs and financial situations of policyholders.

Shorter elimination periods, such as 0 to 15 days or 15 to 30 days, are less typical, while longer periods like 180 to 365 days may be seen but are usually not standard as they can delay essential financial support after a disability occurs.