When To Buy Disability Insurance?

  1. 61667 POINTS
    Steve Savant
    Syndicated Financial Columnist, Host of the weekly talk show Steve Savant's Money, the Name of the Game, Scottsdale Arizona
    When you secure a full time, you should seriously consider buying long term disability insurance to protect your family members from the loss of income due to a ongoing sickness or recovery from injury. Disability insurance benefits generate a tax free stream of monthly income based on your annual compensation. The benefits begin after you have satisfied the waiting or elimination period.
    Answered on September 13, 2013
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  2. 63333 POINTS
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    Peggy MacePRO
    Most of the U.S.
    The time to buy disability insurance is when you start earning a full time income, if your employer does not provide group disability coverage. If you have enough saved up to survive three months off of work, all you will need to purchase is a long term disability insurance policy.
    Answered on September 13, 2013
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  3. 2180 POINTS
    Kelly Moser
    Social Media Strategist, Disability Insurance Services, California
    If you are working at least 30 hours per week, you should seriously consider purchasing disability insurance.  The average person's savings would only last them 6 months if they were unable to work.  To protect your savings, your family, your assets, etc., you should protect your paycheck. 
    Answered on September 13, 2013
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