Short-Term vs Long-Term Disability Insurance
Which is more important to have: Short-Term Disability insurance or Long-Term Disability insurance?
We like to put it this way – Which do you think would be more devastating to you and your family: an unexpected loss of income for 2 months, or an unexpected loss of income for 24 months?
If you are more concerned with a 2–month loss of income, than perhaps you should consider Short-Term Disability insurance. For those who are more concerned with a long–term loss of income, you need to be considering Long-Term Disability insurance.
To put things in perspective: Imagine a worker earning $5,000 monthly. If he/she suffers a Short–Term disability for 2 months, the total loss of income equals $10,000. If that same person suffered a disability of 2 years, the total loss of income would be $120,000. Which would you rather insure?
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