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.
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.