escape_nyc
Dryer sheet aficionado
I am new here. Have searched messages to look for this info but haven't really found a lot of discussion. Do most people have LTD insurance? I have been told that it is far more important than life insurance. I agree on its importance, however I am perplexed by how expensive it is. It seems almost unaffordable for most people. In my particular example, a decent LTD policy costs about $3k (after taxes) a year to insure an income of about 100k per year. I am in my early 30s and in good health. That amounts to about 5% of after tax income. Speaking to insurance agents only makes thing more confusing. Most have no idea about the very policies they want you to underwrite when you ask complex 'what-if' detailed questions. They just want you to pay up so they can earn outsized commissions. Even the good ones really drive home the fact that you NEED this type of insurance as you are more likely to get disabled than die before retirement age and so you need to insure your income to maintain your lifestyle and pay for extra medical expenses that may not be covered. What are your experiences and thoughts?