1. Short Term Disability Insurance (STD) – Florida

• Definition: Provides income replacement for disabilities that prevent work for a short period, typically from a few weeks up to 6 months.

• Florida specifics: Florida does not have a state-mandated short term disability program (unlike some states like California or New York). Most STD policies are purchased privately or offered through employers.

• Benefit: Ideal for temporary disabilities such as minor surgeries, accidents, or illnesses. Usually covers about 50%-70% of income.

• Waiting period: Often 0 to 14 days before benefits begin.

• Use cases: Maternity leave (if covered), injuries, illnesses that recover quickly.

2. Long Term Disability Insurance (LTD) – Florida

• Definition: Provides income replacement for disabilities lasting longer than 6 months, often until retirement age or return to work.

• Florida specifics: LTD is often critical in Florida due to a large retiree and aging population that may face chronic health issues.

• Benefit: Typically covers 40%-60% of your pre-disability earnings.

• Waiting period: Usually kicks in after STD benefits end, commonly after 90 or 180 days.

• Use cases: Severe injuries, chronic illness, or degenerative diseases that prevent long-term work.

3. Individual Disability Insurance – Florida

• Definition: Disability insurance purchased personally by an individual rather than provided through an employer.

• Florida specifics: Self-employed, freelancers, or professionals (like doctors, lawyers, realtors) in Florida often rely on this coverage since employer plans are not available.

• Flexibility: Can tailor the coverage amount, waiting period, and benefit duration.

• Tax treatment: Premiums may be deductible depending on how the policy is set up.

• Use cases: Protects income if you don’t have access to employer-sponsored disability insurance.

4. Group Disability Insurance – Florida

• Definition: Coverage offered through an employer or an association to a group of employees or members.

• Florida specifics: Many large Florida employers offer group disability benefits, but coverage may be limited.

• Cost: Typically cheaper due to risk pooling.

• Portability: Generally not portable if you leave your job unless you convert it to an individual plan.

• Use cases: Employees of hospitals, universities, or large companies in Florida.

5. Own Occupation Disability Insurance – Florida

• Definition: Pays benefits if you are unable to work in your own specific occupation, even if you can work in another field.

• Florida specifics: Especially important for specialized professionals in Florida’s large healthcare, legal, and real estate industries.

• Benefit: Offers stronger protection since it considers your unique skills and profession.

• Use cases: Surgeons, dentists, architects who cannot do their exact job but may do other work.

6. Any Occupation Disability Insurance – Florida

• Definition: Pays benefits only if you cannot work any occupation suited to your education, training, or experience.

• Florida specifics: This type is less favorable but often cheaper; some Florida employers might offer it as part of group plans.

• Benefit: Less coverage security because insurers can deny benefits if you can work in another occupation.

• Use cases: May suit people willing to change careers or roles after disability.

7. Partial Disability Insurance – Florida

• Definition: Provides benefits if you can work but only at a reduced capacity or with lower income.

• Florida specifics: Useful in Florida where partial recovery is common after accidents or illness due to the active lifestyles.

• Benefit: Supplements income when you can only work part-time or at a lower-paying job.

• Use cases: Recovering from injury but not yet back to full capacity.

8. Residual Disability Insurance – Florida

• Definition: Pays benefits based on the percentage of income lost due to disability.

• Florida specifics: Important for Florida workers with fluctuating incomes (like contractors or commission-based salespeople).

• Benefit: Covers loss of earnings proportional to your reduced ability to work.

• Use cases: Freelancers, realtors, or small business owners who may work less but still earn some income.

9. High Limit Disability Insurance – Florida

• Definition: Provides higher-than-average monthly disability benefit limits.

• Florida specifics: Suited for high-income earners such as executives, surgeons, or attorneys practicing in major Florida cities like Miami or Tampa.

• Benefit: Protects higher salary levels that standard policies might cap.

• Use cases: Professionals with incomes above typical policy maximums.

10. Key Person Disability Insurance – Florida

• Definition: A business-owned policy that protects the company financially if a key employee becomes disabled.

• Florida specifics: Florida businesses in competitive markets (like tourism, construction, or tech) may rely on this to safeguard operations.

• Benefit: Helps cover lost revenue, hiring costs, or business loans related to the disability of a vital employee.

• Use cases: Small businesses or startups where one or two people are crucial to success.