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Disability insurance?
Old 12-11-2007, 11:56 AM   #1
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Disability insurance?

I have a question concerning disability insurance. I am 46, single, and my net worth is around $2M. My question is do I really need it? If I become unable to work, I can always tap into my savings to cover my expenses. Maybe I could use some sort of long term disability if something serious happens, but I donít see the need to buy short term disability insurance. Does this make sense or am I missing something?

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Old 12-11-2007, 11:58 AM   #2
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If a SWR on y our portfolio would support you indefinately, I see no reason to pay for DI of any sort.

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Old 12-11-2007, 12:09 PM   #3
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agree w/ brewer on the DI insurance [LT or ST]. Medical insurance is another issue "if something serious happens."
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Old 12-11-2007, 12:10 PM   #4
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What brewer said. The purpose of disability insurance is to replace your income if you are unable to work. If you have sufficient savings to support yourself, you are self-insured.
Numbers is hard.

Retired in 2005 at age 58, no pension

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Old 12-11-2007, 12:29 PM   #5
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I view all insurance as protection from financial catastrophy from anything I cannot afford to cover without it. Sounds as if you're good without disability insurance. Typically disability insurance is pretty cheap though. BUT, what about personal liability? LTC? Medical? The risks these cover you for can be significant. But I'm sure you know that.
Can't you see yourself in the nursing home saying, " Darn! Wish I'd spent more time at the office instead of wasting time with family and friends."
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Old 12-11-2007, 12:48 PM   #6
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Thanks for all the replies. I do currently have good medical insurance and personal liability insurance, but no LTC insurance. I do have medical insurance through my job, which raises the question of if I become disabled, would I lose my medical insurance also? Are there any laws regarding this? I work for the federal government. And I'd also become eligible for SS. But in all my financial planing, I'm not relying on SS, just to be conservative in my estimates.

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