Elimination Period

If you have disability insurance or long-term care insurance, there's a waiting period, called the elimination period, from the time you become disabled, or are certified in need of long-term care, and when you begin receiving benefits.

You often have a choice of elimination periods - such as 30, 60, or 90 days - when you purchase the insurance, though sometimes the payment gap is dictated by the terms of the policy.

In general, the shorter the elimination period the higher the premiums will be for comparable coverage.