Talking here about long-term disability insurance.
1. Do you have it? Please explain/expand.
2. Did you have it? Please explain/expand.
Looking for information like... Do we need it? (We are still a several years away from ER). Any rules of thumb for "how much" you should have? Should this relate to each person's income? Do you then drop it when you reach ER? How much does it cost? Know of any good companies?
Does the cost of disability insurance go down as you age since you have fewer years during which you could become disabled and require payments(compared to term life that goes up as you age because you are more likely to die than when young)?
Everyone is healthy, but if accident or illness caused one of us to have to stop working, that would be a big monkey wrench in the works.
And if a spouse needed to be the primary caregiver for the disabled person, both may be knocked out of the workforce - which might negate the idea that the amount of insurance on each person should be tied to that individual's income.
Thanks for any input.
spncity
1. Do you have it? Please explain/expand.
2. Did you have it? Please explain/expand.
Looking for information like... Do we need it? (We are still a several years away from ER). Any rules of thumb for "how much" you should have? Should this relate to each person's income? Do you then drop it when you reach ER? How much does it cost? Know of any good companies?
Does the cost of disability insurance go down as you age since you have fewer years during which you could become disabled and require payments(compared to term life that goes up as you age because you are more likely to die than when young)?
Everyone is healthy, but if accident or illness caused one of us to have to stop working, that would be a big monkey wrench in the works.
And if a spouse needed to be the primary caregiver for the disabled person, both may be knocked out of the workforce - which might negate the idea that the amount of insurance on each person should be tied to that individual's income.
Thanks for any input.
spncity