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Disability Insurance and "Why Make a Plan?"

Got disability insurance? Ever wondered if you should? 

When you're younger, you're more likely to be disabled from illness or injury than to die. What happens to your finances while you're out of work, recovering? 

No, this isn't a plug for any particular insurance product (#FeeOnly -- I don't sell it). It’s just a reminder that you don't want to rely on Social Security Disability if you can't work due to extended illness or injury. If your employer offers group long-term disability, that's a great place to start. Self-employed? Check with your industry's professional organizations to see if they sponsor group plans that you may be eligible for. 

Part of a Sankalpa Financial's holistic financial planning process is assessing your individual needs when it comes to disability insurance. 

Meaning: What would it cost to maintain your current standard of living if you couldn't work for a year or two? Where would that funding come from? 

A client recently asked me, "With all the market tumult, what's the point of even having a financial plan?? Who knows what's going to happen next?"

A little peace of mind. Seeing hard numbers for something like disability insurance needs, even if they're approximations, gives us something concrete to conceptualize. There are a lot of 'what ifs' in financial planning, and no guarantees in life. Taking ownership of the parts we do have a choice over can help us feel more at ease about the parts we don't. There's a saying that a financial plan is outdated as soon as the ink on the paper's dry. 

But just because you might go down a few side roads doesn't mean you wouldn't take a look at a map in advance.