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NerdWallet's Smart Money Podcast
Choosing the Right Insurance Policy to Protect Your Income: Life Insurance, Disability Insurance, and More
Nov 2, 2023
Insurance Nerd Ryan Brady and John Ryan, founder and CEO of Ryan Insurance Strategy Consultants, discuss life insurance, disability insurance, workplace benefits, income protection, AD&D insurance, short-term and long-term disability coverage, employer-provided disability insurance, workers' compensation, and Social Security, emphasizing the importance of selecting the right insurance policy to protect income and taking action to safeguard oneself and loved ones.
36:36
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Quick takeaways
- Life insurance is crucial for financially dependent individuals and additional coverage beyond employer-provided policies is necessary.
- Disability insurance is essential as the likelihood of becoming disabled is higher than the likelihood of death, and individual policies offer more flexibility and customization.
Deep dives
Overview of Insurance and Open Enrollment
Insurance serves as a safety net to protect individuals' income and cover expenses in case of unexpected events like illness, injury, or death. The podcast emphasizes the importance of understanding different insurance options during open enrollment. It explains that most employers offer basic group life insurance, which is easy to opt into by filling out a form and meeting eligibility requirements. It stresses the need for individuals to assess their financial obligations and consider purchasing supplemental life insurance policies to ensure adequate coverage. The podcast also discusses the significance of disability insurance, which replaces income if someone becomes unable to work due to illness or injury, and the importance of having enough coverage. Additionally, it provides insights into hospital indemnity and critical illness insurance as supplemental coverage options.
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Discover
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