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insurance question
Old 04-18-2009, 05:34 PM   #1
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insurance question

I'm trying to find an answer to an insurance question. I pay premiums for a supplemental disability insurance policy. In a few years i will be eligible for retirement with about 65% of my current salary....but I will probably keep on working for another 10 years.
Does it make sense to cancel my disability policy in order to save on premiums when I am eligible to retire? This is a group policy and the premiums go up a little bit every few years.
I would assume that at some point I should be able to self insure but I am trying to figure out when that point is.

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Old 04-18-2009, 05:52 PM   #2
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The answer to your question lies in the purpose of a disability policy - it provides income in the event you become disabled and can no longer work. When you become eligible for retirement and 65% of your salary, could you live reasonably comfortably on that amount if you became disabled and had to retire? If yes, then you don't need the disability coverage.
Numbers is hard.

Retired in 2005 at age 58, no pension

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