Disability Insurance Disability insurance provides supplementary income if an illness or accident results in a disability that prevents the insured from working. Benefits are typically paid monthly, allowing the insured to maintain a comparable standard of living and cover recurring expenses. Long-Term Disability policies Short-Term Disability policies Have a waiting period of several weeks Have a waiting period of 0 to 14 days with a to several months with a maximum maximum benefit period of no longer than benefit period ranging from a few years two years. to the rest of your life.