Feng Shui Your Financial House

Do You Need Disability Insurance?

Even if you don’t have dependents, it’s a good idea

If you’re in a hurry, the TLDR on today’s financial task:

Evaluate your disability insurance.

Becoming disabled and unable to work is far more likely than premature death. If you need life insurance, you probably need disability insurance even more.

If you don’t need life insurance (no one is financially dependent on you), you still need disability insurance unless you have an ostrich-sized nest egg.

Disability creates a financial challenge.

You and/or your family need the income you generate from work. And if you’re incapacitated, you probably have higher expenses than if you just pegged out, to boot.

Find out if you have enough insurance, whether it’s the right coverage, and how proceeds would be taxed.

If you want the color commentary on today’s financial feng shui task:

A high-school and college classmate wrote to me in response to my life insurance harangue that he has an accidental death and disability policy on his son, who is enrolled in our alma mater. (Go Tigers!)