Disability insurance

Disability insurance provides income if you are unable to work to earn money. If you and your family depend on your income, seriously consider purchasing disability insurance.

Many employers offer policies as part of their benefit package. If you have a policy, review the duration of benefit, the elimination period and the definition of disability. If you feel that this policy is inadequate, or you may be leaving this employer, consider purchasing supplemental private insurance.

If you don't have a policy at work and are dependent on your income to live, research purchasing insurance on your own.

The key questions are:

If you or your spouse were sick or hurt and could no longer work, where would the money come from?

What percent of your current standard of living would you want for your family if you became disabled or died?

Barbara Bachelder, CFP® for Wealth by Design, LLC