When considering purchasing either long-term disability or short-term disability coverage, which one is better?
A. If you need to decide between either long-term disability insurance or short-term disability insurance, consider the risks covered by each. Long-term disability will protect you for many years, or a whole lifetime, and therefore will ease major losses acquired from the disability. Short-term disability covers only a limited and short time of loss of income, which can be more easily handled by your family than the long-term magnitude of losses. Consequently, it may be more beneficial for you to purchase the long-term disability insurance policy rather than short-term, when having to decide between the two. However, individual circumstances must be assessed as well in order to find the best policy to suit your needs.
Related Questions
- Can I receive social security benefits, in-the-line of duty disability benefits, short-term or long-term disability benefits and workers compensation benefits at the same time?
- When considering purchasing either long-term disability or short-term disability coverage, which one is better?
- Can the voluntary short-term disability be used together with the long-term disability plan? How?
