In our last segment, we talked about Life Insurance. But what happens if something tragic happens to you and you *don’t* die? Will your wife be able to take care of you AND the finances? Disability Insurance may be able to help you.
*To be clear, I am not a licensed professional, and this is not to be considered professional advice. I was licensed in Life and Disability Insurance many years ago, but no longer hold those certifications. The articles in this series are to be considered good ideas and nothing more.*
Disability Insurance covers you in the event that you cannot work due to illness or injury. Some policies consider being unable to work *at your current profession*, while others consider being unable to work *at all*. Carpal Tunnel keeping you from typing in your data entry job? You may still be able to answer phones or clean out fish tanks, so be careful when selecting your policy to be clear on what “unable to work” means.
Via a random google search, you can find out that there is about a 20-something percent chance of becoming disabled for 3 months or longer sometime in your life. Do you have 3 months of bill payments and living expenses in your back pocket? No? That’s why Disability Insurance makes sense.
A Short-Term Disability policy can cover much of your income for only 90 days. A Long-Term Disability policy can cover up to 60% of your annual income after a period of 90 days. Applicants will need to go through a medical underwriting process (height/weight, blood test, etc), and complete a fairly giant questionnaire, but once you have your policy, keep it in force, because that is the first bill you will wish you had paid on time if something happens.
As with the Life Insurance, find a broker you can trust (via referral from friends or family) and ask them about your options. Many Life Insurance brokers also sell Disability, so you may be able to get it all done at once.
Also similar to Life Insurance, many employers offer Disability policies – and they too will go away if your employment with them stops, so be sure to keep that in mind while you’re planning.
I would not suggest relying on government Disability. The process is arduous, it is difficult to qualify, and the process can take YEARS. Meanwhile, your expenses are piling up. Plan ahead. Your lady will thank you in the long run.
About the Author: Abby Dryer's goal in life is to bridge the communication gap between men and women. She finds herself giving lots of marital advice to her guy friends whose wives don’t want to have to explain *everything* to their husbands. “Women are hard to understand. I’m a woman, and *I* don’t even get us sometimes! Goodhusbanding is a great guide to help men understand their women, and hopefully communicate with a little more confidence, because that’s what works… communication!”