Disability insurance comes in a range of forms, but the following are among the most common:
Short term disability insurance protects a percentage of your income for a short period — anywhere from one week to one year — depending on your policy.
Long-term individual disability insurance covers a proportion of your income for a long period — until you are no longer disabled or you reach the term of the policy.
Long-term group disability insurance is where one contract is issued to cover multiple people; most commonly offered by an employer. These policies are often inferior to individual policies in regards to taxation, ownership, and language.
Each form of disability insurance comes with pros and cons, depending on your situation, so it’s important to choose one that meets your needs.