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
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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: 5 times short-term disability insurance makes sense | Haven Life
5 times short-term disability insurance makes sense
If an illness or injury prevents you from working, your income stream is no longer streaming…it is at a full stop. This can put you at risk of being unable to pay your bills, such as mortgage payments, car payments, credit card payments, groceries, and so on. Many people assume workers’ compensation will fill the income gap created by a disability; however, workers’ compensation only pays if you are injured at work. Social Security disability payments can sometimes be an option to help your family make ends meet during a disability. Unfortunately, proving eligibility for Social Security benefits can be difficult and even if you are able to establish that you are entitled to them, they average only $1,234 per month. This is where disability income insurance comes in. Various forms of disability insurance are designed to help financially bridge the gap until you can work again. Short-term disability insurance is an insurance policy that pays a benefit to replace a portion of your salary in the event you experience a non-work related injury or illness that renders you unable to work for a period of time. Short-term versus long-term disability insurance
Long-term disability income insurance is out there as well but serves a completely different purpose.