So- as I have resigned from my job-not planned- was forced out- I am looking to cut expenses. Not sure if I will ever work again. I certainly don't want to, but who knows if I will have to at some point? Not planning on it, though. If anything- maybe part-time- but I even doubt that. My husband is still working full time thankfully.
Anyway- I have had a private disability policy for many years that ends at age 65. I am age 62. This policy has a 90 day waiting period. It also will only pay out for 2 years from the start of the payments supposedly.
But- since I am not working I am thinking I should just cancel it because if something happened to me it would not be a loss of income event payable under the policy.
If I keep it, I will be paying premiums for 3 more years just in case I get another job. (even then, I think the most the monthly payout is is $1000 per month and it could be less than that depending) I am thinking it is just not worth it. It is a little over $400 per year.
Opinions?
Anyway- I have had a private disability policy for many years that ends at age 65. I am age 62. This policy has a 90 day waiting period. It also will only pay out for 2 years from the start of the payments supposedly.
But- since I am not working I am thinking I should just cancel it because if something happened to me it would not be a loss of income event payable under the policy.
If I keep it, I will be paying premiums for 3 more years just in case I get another job. (even then, I think the most the monthly payout is is $1000 per month and it could be less than that depending) I am thinking it is just not worth it. It is a little over $400 per year.
Opinions?