difference between short term and long term disability
One notable difference between short and long term disability insurance is that short term disability insurance premiums are much cheaper than long term premiums, since the payout isnât as large and the coverage does not last as long. Long term illnesses and injuries can devastate your personal finances.
However, disability insurance is not based on a work-related injury or illness, whereas workerâs compensation is specifically for injuries or illnesses that happen on-the-job. The two types of disability insurance are short-term and long-term. 1  Short-term Disability â A shorter waiting period to get paid, but you get paid for a shorter period of time.  Long-term Disability â A longer waiting period to get paid, but you get paid for a longer amount of time.