When Should I Drop My Disability Insurance?
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63333 POINTSview profilePeggy MaceMost of the U.S.If you have enough money saved up that you could live comfortably without your income, you could considering dropping your disability insurance. However, any time that someone becomes disabled, there are other costs associated with it, as well (medical bills, travel to doctor appointments, etc). And as you age, your chances of becoming disabled increase. So you may never want to drop your disability insurance.Answered on August 12, 2014flag this answer
2775 POINTSview profileJoe 'Gravy' GravesOwner, I Hate Buying Insurance, Nashville TNI like what Peggy said!! Thin of it this way... You MIGHT have enough money one day that you could "self insure" a car accident. Meaning YOU could write the check for the $200,000 in damages. I know what you're thinking, "WHY would I ever do that? The premiums are so small compared to the financial benefit." AHHH. That's my point. Which is greater, the price (the monthly premium) or the cost (months without earning an income). I would consider adjusting your benefit and possibly purchasing a Critical Illness plan to complement the disability before I would consider cancelling what you already have. Have questions? Reach out!! -gravy.Answered on April 21, 2016flag this answer
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