Social Media Director, Ash Brokerage Corporation, Fort Wayne, IN
Another way to think about this question is, "How much would a disabling event cost you without coverage?" Considering Brandon's well-thought out response to you, also thinking about the question from the darker side makes many of us uneasy inside though. [I don't like to think something like that can happen, but it does.]
From personal experience, I can tell you that disability insurance and critical illness insurance has a very real place in anyone's planning who has a paycheck and depends on that paycheck for their living. Period. I am now 42 years old and at the age of 27 I delivered a very healthy baby girl - went home from the hospital after 4 days like normal and on the 5th day had a pulmonary embolism that locked up both of my lungs almost to the point of death. So instead of being gone from my job for 8 weeks on maternity leave, I was gone for almost 5 months. Without my DI and CI policies, it would have been a financially crippling event for my family. It was not expected - but it unfortunately happened.
Brandon shared some very realistic numbers here for consideration. I applaud anyone looking into these ancillary policies to protect their planning.
.JPG){kind=avatar}
This number assumes someone around their 30's purchasing average coverage.
Older individuals or those seeking more comprehensive coverage may end up paying more (typically up to 6% of gross income).
From personal experience, I can tell you that disability insurance and critical illness insurance has a very real place in anyone's planning who has a paycheck and depends on that paycheck for their living. Period. I am now 42 years old and at the age of 27 I delivered a very healthy baby girl - went home from the hospital after 4 days like normal and on the 5th day had a pulmonary embolism that locked up both of my lungs almost to the point of death. So instead of being gone from my job for 8 weeks on maternity leave, I was gone for almost 5 months. Without my DI and CI policies, it would have been a financially crippling event for my family. It was not expected - but it unfortunately happened.
Brandon shared some very realistic numbers here for consideration. I applaud anyone looking into these ancillary policies to protect their planning.
Sheryl Brown / @AshBrokerage