Disability post-FIRE

[Doc Holiday]

I recently FIRED (3 weeks!) at age 53. Now that I am coming down from the clouds, or at least my bedroom, I am tidying up remaining financial details.
I had a high income as a physician and had own-occupation disability insurance that would pay 10k/month (after tax) until age 65 if I was unable to do any part of my (now history) job. Cost is relatively high at 370/month. The company assures me that I can continue this currently. Other than a 3 week backpacking trip coming up where risks are higher, I’m not sure if it is woth the cost. Thoughts?

I also found that I can get 1.1 million life insurance through my old work until I’m 67 for $300/year which seems like a decent gamble.

Thanks for any feedback! I can’t tell you how much better life is in FIRE (but then y’all already know!)

 

[friar1610]

To me the life insurance seems like it might make sense.

Regarding the disability insurance...I assume that you have an adequate (or more than adequate) income in retirement (otherwise you presumably wouldn't have retired) and that you will receive this income (either via a pension or drawdown of your portfolio) whether you are healthy or disabled. If that is true, what income would you be trying to protect with the disability insurance? It seems to me the answer is none and therefore I wouldn't think you would need it.

 

[Live And Learn]

Check your disability policy. With mine I could only replace current income - so if my income were 0 that's all I could replace. My broker suggested that I keep the policy for awhile in case I wanted or needed to go back to work.

 

[Doc Holiday]

Thanks so much for the replies. Good thoughts.
I have always tried to by insurance agents’ kids new shoes, but I think I will stop.
The ship is on course. I just need to retire to the Lido Deck....