The following is meant to be educational and not specific advice. I assume my readers are big boys/girls and understand that, but in today’s climate I have to tell everyone again anyways – people might do something dumb and go hurt themselves! (like stick a fork in an electric socket or something – don’t do that!). Consult a qualified advisor before attempting disability planning strategies.
Introduction to Disability Insurance
Disability insurance is likely the last thing on your mind right now. And it wouldn’t be a surprise. If you work for a large company, Disability Insurance (“DI” as the insiders call it) was probably on the list of benefits that your company mostly paid for so there’s a good chance you filed it in your brain under “already taken care of.”
Similarly, if you work for yourself or a small company, you probably think very occasionally about the fact that you don’t have disability coverage, but then, echoing your corporate counterparts, you forget about it or put the topic in the “address this issue later” mental folder.
The problem here is that DI shouldn’t be in either of those mental files. In fact,insurance overall, often dismissed as another “bill,” (likely because we just don’t use it often – how often do you die, get disabled, get sued or get into a major car accident? ) should be a cornerstone of your financial planning….