If you’re like I used to be, you probably only think you need disability insurance if you have a job with a high injury risk, like construction. For years, I was convinced that this was the only need for disability insurance until I became a financial advisor and realized that disability insurance is so much more than coverage for a worker’s comp event.
I have had a number of people ask me about this topic recently, so I recruited my friend, Jennifer Fitzgerald from Policy Genius to come on the show and talk about the importance of disability insurance as part of your financial plan. If you haven’t checked out Policy Genius, it’s one of my favorite sites for searching for and comparing insurance policies; and I send a number of clients there to research their options. If you want to look into disability insurance after hearing this podcast, you can research it at Policy Genius.
What are we drinking?
Jen – Irish Coffee
Shannon – Vodka, Soda, Splash of Cranberry
- Disability insurance has a misleading name. In other markets, disability insurance is called “income protection”
- Work related injuries only make up about 10% of long term disability claims
- I talked about my client who had a detached retina and needed to draw on disability insurance. You can read more of her story here.
- Jen talks about what type of disability coverage a company might provide for it’s employees
- Jen explains how people can find out if they are covered by their employer and questions you should ask your benefits manager specifically around disability coverage
- As a reminder, pre-existing conditions will not be covered under a new disability insurance policy, but many other conditions can and will get covered
- Jen discusses the best way to shop for and compare disability insurance coverage
- Jen explains the costs of disability insurance and why it usually costs more for women than men
- Jen shares what two areas of your disability coverage you can balance in order to get your costs lower
- Jen talks about what you can expect if you apply for disability through social security
Random 3 Questions Jen Answered:
- What is a country you’ve never visited but would love to?
- Are you a dessert or appetizer person?
- What is your favorite movie?
*This post contains affiliate links. You can find more on affiliate links on my disclosure page.