The Money with Katie Show The Critical Insurance Most People Don’t Realize They’re Missing
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Nov 13, 2024 Katie Song, a fee-only CFP, shares her expertise on the critical need for disability insurance, especially for high earners. She recounts Lacy's shocking experience with sudden hearing loss, illustrating how insurance can be a lifesaver in unexpected crises. The discussion emphasizes the importance of understanding policy nuances like the 'own occupation' clause, while also addressing the inadequacies of employer-sponsored insurance. Katie urges listeners to secure adequate coverage, demystifying complex insurance decisions to safeguard their financial futures.
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Lacey's Hearing Loss
- Lacey, a high-earning executive, experienced sudden hearing loss, jeopardizing her career.
- Prompt treatment was crucial, but her demanding job conflicted with the required therapy.
Secure Disability Insurance Early
- Secure long-term disability insurance early, before health issues arise, especially high earners.
- Consider supplemental coverage beyond employer-provided plans, especially if your income is high.
Importance of LTD Insurance
- Long-term disability insurance is crucial for high earners who risk significant income loss.
- It becomes especially important for those whose demanding jobs are physically or mentally taxing.