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Continue Private DIsability Insurance after ER?
Old 09-23-2013, 12:40 PM   #1
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Continue Private DIsability Insurance after ER?

Am retiring in April at age 53. Have carried private personal DI (not from employer) since 1988. Am trying to decide if there is any reason to continue after April. It costs about 1800.00 a year and would would be glad to lose the cost. It terms at age 67. The only benefit I can imagine is as a alternative to catastrophic care. I have always viewed it as replacement for my employment income in case of a catastrophe.
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Old 09-23-2013, 12:44 PM   #2
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If you are not engaged in an occupation that provides income, what will the insurance do for you? I have disability insurance and all it will do is give me a portion of my income if I can't perform work in my profession. When I retire, that will be zero.
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Old 09-23-2013, 01:45 PM   #3
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Why would you pay to insure income you no longer have? There is no risk that your employment income will drop if it is already $0. There is no reason to keep disability insurance once you retire. I had two disability policies. At ER I dropped one and rolled the other into a LTCI policy. There is a significant risk that I will need LTC at some point, and I chose to insure that risk.
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Old 09-23-2013, 01:53 PM   #4
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Disability insurance is taken out to cover you and your expenses, in the event you lose your ability to produce income. If you retire, you have no income. So, no need for DI. But Long Term Care (aka nursing home) insurance is probably another story.
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Old 09-23-2013, 01:56 PM   #5
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+1 no need for DI if you have the resources to retire.
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Old 09-23-2013, 02:08 PM   #6
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Quote:
Originally Posted by pb4uski View Post
+1 no need for DI if you have the resources to retire.
Thanks, one more expense to strike off my list. Will look into Long Term Care.
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