The Money with Katie Show
The Critical Insurance Most People Don’t Realize They’re Missing
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.
01:09:53
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Quick takeaways
- Investing in long-term disability insurance is essential to protect high earners from potential income loss due to unexpected health issues.
- Navigating insurance claims can be challenging, making it beneficial to utilize a disability specialist attorney for support during the process.
Deep dives
The Importance of Long-Term Disability Insurance
Investing in long-term disability insurance is crucial, especially for high earners who are not yet wealthy but have a substantial income. One in four individuals in their twenties will experience a disability before reaching retirement age, making it essential to safeguard one's ability to earn. Lacey's personal experience highlights the significance of long-term disability coverage; despite earning a million dollars annually, her sudden hearing loss threatened her career and financial stability. Having purchased a private long-term disability policy years prior provided her with the necessary financial safety net when she could no longer perform her high-stakes job.
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