. I don't know many individuals who can live off of 40 to 60% of their salary. When I worked as a financial adviser, I always recommended disability insurance to my clients.
Trying to figure out how to live on that much less after a disability would be stressful, so having your own policy to bridge the income gap just makes sense. In addition, if you are between jobs and something happens to you that renders you unable to work, having your own policy guarantees that you're still bringing in an income.
It doesn't make sense to buy any sort of insurance policy that doesn't fit into your budget and will end up putting you in debt. You also don't want to purchase a policy you won't be able to afford for the long haul. The point is to have this policy until retirement. Another piece to consider is how long you want to wait until the benefit kicks in. The longer you choose to wait, the cheaper your policy will be.
Let me back that up. My son broke his neck at 24 and trust me his 70% of his salary is not enough. Wish we took additional cover. Do it.
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I can live of of 25% of my single income. No, I'm not rich, I make less than 40k/yr. I'm just not stupid. I structured my life to be able to survive on about 8k a year and that's with little extras. It's not hard, it just takes sacrifice and budgeting.
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