Title: 5 times short-term disability insurance makes sense | Haven Life
Headings: 5 times short-term disability insurance makes sense
5 times short-term disability insurance makes sense
Short-term versus long-term disability insurance
Warning...
Disability statistics
Who should consider short-term disability insurance?
Your state and employer do not provide short-term disability insurance
Why life insurance
Self-employed people
You want gap coverage
Your savings account is low (or you don’t want to dip in)
Your family depends on you
Is short-term disability insurance worth it?
Why life insurance
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Content: A short-term disability insurance policy can be a great way to cover that gap period. Your savings account is low (or you don’t want to dip in)
If you do not have disability insurance, you will likely need to turn to your own savings to cover the period for which you are disabled. A study done by Haven Life revealed that more than half of those surveyed had $5,000 or less in savings. If you are in this boat or otherwise could not cover a period of short-term disability with your savings on hand, short-term disability insurance may be a good option. If you are considering opting out of disability insurance and relying on savings, do the math and determine how long you could get by the amount you have put away for a rainy day. It might not be as long as you think. In addition, you are of course draining that rainy day fund and will need to build it back up when you return to work. This could leave your family vulnerable during that “in-between” period. After running the numbers, you may decide to rely on your savings to provide income replacement during a period of disability. If you opt to go this route, which is essentially self-insuring the risk, consider whether holding a disability insurance policy during your savings build-up period makes sense for you.