Why You May Need Disability Insurance — Even if You Are Approaching Retirement

Stay Wealthy Retirement Podcast

Taylor Schulte, CFP®

Financialplanning, Retirement, Money, Taxplanning, Stocks, Wealth, Business, Investing, Retirementplanning

2.4 • 606 Ratings

🗓️ 14 May 2019

⏱️ 19 minutes

🔗️ Recording | iTunes | RSS

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Summary

It’s easy to believe you’ll always be in great health, but the truth is, none of us knows what the future brings.

You may be in great shape today but find yourself gravely ill or disabled within a few weeks.

This change of events would inevitably muck up your retirement plans, and a loss in income could even leave you scrambling to keep up with regular bills.

That’s where disability insurance kicks in. This type of coverage can replace part of your income when you become sick or disabled and unable to work.

Disability insurance isn’t typically “cheap” per se, but it can be well worth it for the peace of mind alone - and even more valuable if you ever need to file a claim.

Today we’re going to talk about how this insurance works, what to look for in a policy, and why getting a free policy from your employer doesn’t mean you’re truly protected. We’ll also talk about why you could need disability coverage in the last few years of your career.

Listen to today’s podcast episode to find out if you have enough protection.

Show Notes & Links: www.youstaywealthy.com/44

DISCLAIMER: This podcast is for informational and entertainment purposes only and should not be relied upon as a basis for investment decisions. This podcast is not engaged in rendering legal, financial, or other professional services.

Transcript

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0:00.0	Hey, everyone, really quick before we start to show, the reason I do this podcast is because I'm on a
0:06.5	personal mission to improve the financial lives of as many people as possible. I've spent
0:12.6	well over 30,000 hours of my life studying financial planning. And since there just isn't enough
0:19.1	time in the day for me to professionally work
0:21.8	with everybody, I use this platform to reach and help more people without expecting anything in
0:29.0	return. So if you're enjoying the show and you're up for helping me out, I'd love if you just did
0:34.1	two really easy things. One, share this podcast with a friend who you think
0:40.1	would benefit from this information. And then two, if you're on an iPhone, just quickly hit
0:46.3	pause and leave an honest review in the Apple podcast app. Thanks so much in advance for your help and support. Now on to today's show.
0:59.6	Welcome to the Stay Wealthy podcast. I'm your host Taylor Schulte. And today we are talking about
1:04.6	disability insurance. More importantly, I'm going to be talking about why you need disability
1:09.6	insurance, even if you're getting close to
1:11.8	retirement. Today, you're going to walk away with three main things. One, a simple explanation of what
1:19.2	disability insurance is. Two, the reasons why you might need a disability insurance policy,
1:25.4	even if you're on the eve of retirement. And then three, how to buy a disability insurance policy even if you're on the eve of retirement.
1:28.2	And then three, how to buy a disability insurance and avoid getting ripped off.
1:33.7	For all the resources, links, and show notes for this episode, you can go to you staywealthy.com
1:39.1	forward slash 44.
1:41.2	Okay, let's go protect our assets.
1:46.2	Yeah, let's go protect our assets. Yeah, let's go protect our assets.
1:56.5	In its most basic form, disability insurance replaces a portion of your income. And in the best case scenarios, this insurance could replace as much as 66% of your income, but I just want you to know
2:02.1	that you can never replace 100%. So this insurance is just a supplement. At my firm, we like to
	...

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