Title: Why You Need Disability Insurance | Smart About Money
Headings: Why You Need Disability Insurance
Why You Need Disability Insurance
Content: For example, if someone becomes disabled again from the same cause, say, within six months of returning to work, they may not have to wait for another elimination period. Consider purchasing a cost-of-living rider to protect the purchasing power of monthly benefits. Also check provisions related to disability benefits provided by an employer disability policy or Social Security. Sometimes income from these sources will be considered part of the policy benefit. Consider purchasing a policy for the remainder of your working life (until age 65, for example). Work with an independent insurance agent to shop around among competing carriers. If you are unable to qualify for disability insurance at an affordable price consider investing the amount that you would have paid monthly for premiums, to build up your emergency reserves. In a divorce decree, require an ex-spouse to purchase and maintain disability insurance if you are dependent on his or her income for support payments. [Any reference to a specific company, commercial product, process or service does not constitute or imply an endorsement or recommendation by National Endowment for Financial Education.] Tags: