32ºF

Money Monday: Disability insurance questions to ask

Life insurance is important to have, but disability insurance may be even more essential.

Insurance is about planning for the worst ensuring financial security. 

So let’s get planning.

First, you’ll need to evaluate and plan for personal risks. These include ongoing and major medical expenses, the possibility of outliving your resources, and three types of insurance: life, disability, and long-term care.

PLAN: How to evaluate and plan for personal risks

The next step is fitting together disability insurance into your plan. Consider your paycheck an asset worth protecting, but if you collect from Medicaid, your other assets could keep you from eligibility.

DISABILITY INSURANCE: Protecting your most valuable asset
MEDICAID: Planning and asset protection

 


About the Author: