There are many times throughout our life when we will have to carefully weigh benefits with cost. Certainly – in all areas of life – we desire to have as much as we can at the least possible price. But getting to this “sweet spot” often requires finding a balance between what you need and what you can afford; and some sacrifices may often have to be made.

Sacrifices should not apply to insurance policies however, as these policies are meant to financially protect ourselves and our family in the event of a crisis. But budget still has to be considered. We make this choice every day; consider the health insurance policy choices we had when we started with a particular company. Perhaps we decided to forgo dental insurance or comprehensive vision in order to have a more comprehensive health insurance policy at a price we could afford. The same achievement of balance applies to disability insurance.

Many people may be tempted to just go with short term disability insurance in order to save on premiums. Of course, any disability insurance – short term or otherwise – is better than no disability insurance, but you must consider what you will get for your money and how it will impact your family if you become sick or are injured. When you are classified as disabled you are determined to be in a physical (or mental) condition that precludes you from continuing to work in your current position. This may be for a month or it may be for the lifetime of your viable employment years. If you should become disabled at a young age and find that you are hindered from returning to your job – or any comparable job – what would you do in terms of pay? Long term disability – even for the higher premium it may cost as opposed to short term disability insurance – can provide comprehensive protection.

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