A side of FIRE rarely mentioned: Disability

[athena53]

For me, self-insuring for long term care means we will pay out of pocket from the funds in our portfolio. We are not creating a separate account to pay for long term care if it becomes necessary.

Same here- far easier for me since I'm single and don't need to consider the "one in the house/one in LTC" scenario. House is worth $400K and remaining mortgage balance is under $50K so there's a nice chunk of the costs right there. My advisor runs a Monte Carlo simulation, one assuming no LTC and one assuming I enter LTC at some point (around 80, I think, and I'm almost 71 now). Both show minimal chance (1%) or running out of money.

 

[Sunset]

When working I always bought Disability insurance due to seeing my Dad have a stroke at age 55. He couldn't work after that.

We would have been begging on the street, except he had Disability insurance that he bought and paid for FULLY through work, vs work pay for it. Small distinction, but it meant his disability was tax-free.
He collected that for 10 years and died just before age 65.

I always found Disability insurance via work pretty low cost, I'm sure it was far less than $1,000 per year to cover my salary or more.

Once I was FI, I stopped buying it and long ago stopped life insurance, neither needed as I had enough savings.

Chances of being disabled are much higher than dying. So to me Disability insurance is good to buy when working.