Life insurance or Disability insurance ?

[musicgold]

Hi all,

I am a newbie here.

I read the following sentence in a book: Statistically, you're more likely to be disabled than to die prematurely.

That makes me think that I really need disability insurance than life insurance. I am in my mid - 30s and have term life insurance.

What do you think about my view?

Thanks,

MG.

[ShyCat]

Yours is not a legal question, so you're on the wrong website.

If this is spam seed, as I suspect, it will be deleted, so don't bother registering as another user and replying with a oh-so-helpful link to some website you're trying to advertise.

[Some Random Guy]

This is not a legal question, but a matter of personal choice.

Your need for disability insurance will depend on its price, the likelihood of your getting disabled (based on both luck and the nature of your profession), and what alternatives you have if you are disabled without insurance.

You really have no need for term life insurance. Your beneficiaries do. And their needs will drive how much term insurance you should have.

[musicgold]

Thanks folks.

[DeniseM]

Well, it may not be a legal question but its definitely a relevant one. Basically, your need for life insurance will change with changes in your life. For example, the arrival of children usually triggers a sharp increase in the amount you need. As children grow older and leave the nest, you will probably need less protection. Term life insurance policies are the least costly. They pay death benefits but have no cash value if you decide to stop making payments. Whole life, universal life, and other cash value policies combine a long-term savings and investment product with life insurance.
Disability Insurance on the hand covers the event of an accident or incident that renders you disabled and unable to work. Disability can be more disastrous financially than death. If you are disabled, you lose your earning power, but you still have living expenses and often huge expenses for medical care. So, at the end of the day, it comes down to a personal choice and how high the probabilties are of you getting injured or dying.

Denise at AccuQuote
Disclaimer: I work for AccuQuote and this is my personal opinion.