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  1. #1

    When to Cancel Disability Insurance / Life too...

    Always looking to save a dollar - gym membership, cell carrier negotiation, etc... attention just turned to Disability Insurance. We've essentially made it to the self-insured status - meaning we can make it if i lose my ability to earn.

    Yet, it is relatively cheap to pay a few thousand a year for potential 11k per year in benefits...

    I'm 53 likely retiring in 5 years. The contracts I have are old and allow a change to "plus 5 years" from now. That is a no brainer as it saves money. But, curious the wisdom on this topic out here.

  2. #2
    I canceled mine when my nut got big enough that I'd be able to pay my bills and live my life, without a disability payment.

  3. #3
    DW and I both have $100K term Life that we will probably cancel at the end of the year. Don't really need it anymore and premiums are getting pretty high as we near 60.

  4. #4
    I hope it never happens but being disabled can be very expensive. Not just increased medical costs but all kinds of ways you would not expect. Especially if you want to try to live as normally as possible.

    If you have plenty of wiggle room in your budget then it is not so much of a concern. Mine has raised my cost of living about 10 percent and as I get worse it will be more when I have to move. And none of this is care providers


 

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