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joann23456

Retirement savings or long-term disability insurance?

joann23456
16 years ago

I'm self-employed, middle-aged, and have never had long-term disability insurance before, but I decided to get some quotes this week. I was pretty surprised at how expensive it is - the quotes I'm getting range from $260 - $290 per month for 60% of income through age 65. (I'm going to check on prices for five-year coverage, to see if that's something I could better afford.)

I have a history of serious health problems over the last ten years, though I'm fairly healthy now. Makes disability insurance seem like a no-brainer, except for the fact that I decimated my retirement savings during the years I was ill. So, do I use the money to build up my retirement funds, or do I go ahead and buy the insurance?

I don't know that there's a right answer. Most of the money would have to come from what I'm now putting into retirement savings. I make a good living, but don't have an extra $300 sitting around each month for insurance.

If you were in my situation, what do you think you'd do?

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