Good Financial Reads: Disability and Life Insurance

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Catch up on some of the latest posts with this week's roundup:

Do I Need Disability Insurance?

by Meg Bartelt, Flow Financial Planning, LLC

Are you looking at your open enrollment paperwork, staring at that Long-Term Disability Insurance option…again…and wondering if this is something you need to worry about?

Think about this: You crash while bicycling and break both arms. Or you’re doing some yoga arm-balance inversion that is way beyond you and damage some internal whatsits in your arms and wrists. Or even more unpleasantly, you contract a chronic disease that makes it impossible for you to get out of bed some days, let alone to go work.

What in the hell are you going to live on?

So, do you need to worry about disability insurance? Yes. In last week’s post about Open Enrollment,  I listed disability insurance as one of the few decisions that you really need to focus on.

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Should You Buy Disability Insurance?

by Chad Rixse, Millennial Wealth, LLC

Insurance is a necessary expense to protect against unexpected losses. Even if it’s never used, it’s a fundamental part of any comprehensive financial plan. One area often overlooked, is protecting against the loss of income associated with the ability to work. According to a recent Social Security Administration Factsheet, a “sobering fact for 20-year-olds, is that more than 1-in-4 of them becomes disabled before reaching retirement age”. In the unfortunate case you’re one of four, how would you provide financially for yourself and your family? What if you needed a caretaker or additional help? Would you be able to cover the cost without incurring massive debt or wiping out any assets you may have? Disability insurance is designed to protect you from these costs, but does that mean you should buy it? 

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The Cheapest Term Life Insurance Policy May Not Be The Best For You

There are many websites with term life insurance quote engines which may help you find the cheapest term policy. However, the cheapest is not always the best.

Let’s start with some basics. In general, life insurance falls into two categories: term insurance and permanent insurance (cash value life insurance). Each category includes different types of insurance. There are nuances between them. It is too complicated to cover everything in one article. I will just focus on the most popular type of term insurance, i.e., the level term insurance. If you are interested in learning more about other types of life insurance, you could read the “Life Insurance Buyer’s Guide” from the National Association of Insurance Commissioners.

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How Much Life Insurance Should You Buy?

by Jared Paul, Capable Wealth

Death – what a fun topic to discuss! Haha

Unfortunately, most people try their hardest to avoid this conversation. But we all know that burying your head in the sand is a great way to increase your chances of making a bad decision.

As you’re creating your financial plan, the topic of protection will eventually come up. Life insurance can be a great way to protect the financial livelihood of your family in the event of your demise.

But how much is enough?

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