Reply
 
Thread Tools Search this Thread Display Modes
Disability insurance?
Old 12-11-2007, 11:56 AM   #1
Recycles dryer sheets
 
Join Date: Jul 2007
Posts: 98
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 don’t see the need to buy short term disability insurance. Does this make sense or am I missing something?
David1961 is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 12-11-2007, 11:58 AM   #2
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
brewer12345's Avatar
 
Join Date: Mar 2003
Posts: 11,081
If a SWR on y our portfolio would support you indefinately, I see no reason to pay for DI of any sort.
__________________
Margin of error within 100%
brewer12345 is online now   Reply With Quote
Old 12-11-2007, 12:09 PM   #3
Full time employment: Posting here.
 
Join Date: Oct 2003
Posts: 961
agree w/ brewer on the DI insurance [LT or ST]. Medical insurance is another issue "if something serious happens."
ats5g is offline   Reply With Quote
Old 12-11-2007, 12:10 PM   #4
Moderator Emeritus
REWahoo's Avatar
 
Join Date: Jun 2002
Location: Texas Hill Country
Posts: 18,937
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...

I suggest limiting all elected officials to just two terms - one in office and one in prison. - Kinky Friedman

REWahoo is online now   Reply With Quote
Old 12-11-2007, 12:29 PM   #5
Full time employment: Posting here.
tightasadrum's Avatar
 
Join Date: Aug 2006
Location: athens
Posts: 514
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."
tightasadrum is offline   Reply With Quote
Old 12-11-2007, 12:48 PM   #6
Recycles dryer sheets
 
Join Date: Jul 2007
Posts: 98
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.
David1961 is offline   Reply With Quote
Reply

Tags
disability insurance


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Disability insurance? MissParker Young Dreamers 3 10-27-2007 08:17 AM
Keeping Disability Insurance ? joesxm Health and Early Retirement 6 04-23-2007 05:59 PM
How much disability insurance to you have? Peaceful_Warrior Young Dreamers 23 03-18-2007 05:59 PM
Life and Disability Insurance ferco FIRE and Money 6 01-18-2007 06:39 AM
Disability Insurance/LTC ferco FIRE and Money 10 01-01-2006 07:11 AM

» Sponsor Link
» E-R.org on facebook

Other Social Knowledge forum communities:
Cooking Forum - Sailing Forum - Early Retirement - Airstream Trailer - Aquarium Forum - Royal Forum - Book Forum - Volkswagen Touareg Forum - Jeep Wrangler Forum - Mustang Forums - Whitewater Kayaking & Rafting Forum - Fiberglass RV Forum - RV Forum - Truck Conversion - U2 Music Forum - Campground Reviews - Forest River - Sunline Trailers - Fiat Forum - Retirement Calculator
Investing Channel
All times are GMT -6. The time now is 04:00 PM.
Powered by vBulletin® Version 3.8.5
Copyright ©2000 - 2010, Jelsoft Enterprises Ltd.