14.3.4 Benefit Period Provision
The benefit period refers to the length of time benefits can be payable to a disabled insured. These time periods are classified as either short-term or long-term. However, the length of each term is specific to each policy. There is no standard length of time for either of these categories. It all depends on what the policy states. The longer the benefit period is, the more expensive the policy.
For individual policies, the average short-term benefit period ranges from six months to two years. An average long-term benefit period is usually more than a few years, such as 5, 10, or 20 years. Sometimes a long-term benefit period will cover the insured until the individual is age 65. Again, it all depends upon the underlying policy.
