In yesterday’s post I discussed the need for long-term disability policies. Life insurance policies are relatively easy to comprehend. My husband and I purchased term insurance for 20 years, believing that our homes will be paid off by that time. Most people don’t need extra riders on a life insurance policy, the payout is simple, you die and your beneficiary gets paid. But disability insurance policies can be quite confusing. After all, unlike death, disability isn’t so cut and dry. Some policies will pay you if you cannot work at your current profession, others will only pay you if you cannot work in any profession.
I spent a long time reviewing various policies and riders and documented those details in this post back in May of 2006.