Thanks to Crissinda Ponder for the opportunity to be a source for her article on Bankrate.com on “Even Young Adults Need Disability Insurance”. Crissinda brings up the much over-looked issue of Disability Insurance to protect your income. There is a greater likelihood of a disability (lasting 90 days or more) prior to age 65 than having your house burn down or passing away – both of which more people buy coverage for through Homeowners Insurance and Life Insurance. Even if you have disability insurance through an employer, it can often come up short due to monthly caps on maximum benefit and no coverage for bonuses or commissions. You can review Ten Things That You Need To Know About Disability Insurance at www.tonysteuer.com that you should be aware of.
The Questions and Answers on Disability Insurance Workbook is designed to assist you in determining your need for disability insurance, how to purchase it and how to monitor it.
The complete article “Even Young Adults Need Disability Insurance” can be read by clicking on the article name. Article excepts including my comments follow below:
Although you may not hear about it as much as other forms of insurance, you may end up needing disability insurance the most, says Tony Steuer, director of financial preparedness for the insurance consumer group United Policyholders.
“It’s really overlooked in the whole financial planning community,” he says.
Employers typically cover the cost of group disability policies, meaning there is no cost to employees. But some group policies come with a monthly charge of $10 to $45 that’s deducted from workers’ pay, says Steuer.
A 30-year-old male computer programmer earning $100,000 per year would pay $75 a month for private disability insurance that would provide a monthly benefit of just over $5,000 until age 67, Steuer says. He adds that a man who’s 35 — just five years older — would pay about $90 a month for the same coverage, because the cost goes up as you age.