Show 56 - Disability Insurance Matters! with Tanya Taylor
In this episode, I talk with Tanya Taylor about the importance of long term disability insurance.
10/23/20241 min read
It is easy to think “It will never happen to me.” But, that is no protection against the everyday occurrences that could leave you disabled for an extended period of time. Tanya Taylor, who experienced this first hand, is now on a mission to make sure people don’t put off long term disability insurance. You might have it with your district, but it also might not be good. Now is the time to check! But how do you know? Find out in this episode.
Key Ideas
Long term disability insurance is meant to replace (most of) your income in the event you are no longer able to work for an extended period of time. While your district usually provides this, it probably isn’t enough.
Disability (in the form of sickness or accident) is much more likely than you think. So having a plan in place for disability is crucial.
While your school probably has short term disability for you, there will most likely be a gap between the short term disability and the long term disability coverage. The best way to fill this gap is with an adequate emergency fund.
Since your pension is based on your highest last 3-5 years of work (most likely, check your state), becoming disabled late in your career can really change your final payout. This makes it all the more important to have your own investments as a protection.
