No, but that covers the gap until LTD or SS benefits kick in. Many LTD plans only pay up to what SS would cover in case it doesn't cover it - that is, even with SS & LTD, you'll still only get 60% salary replacement; the LTD plan only kicks in to top off, or in case you don't somehow qualify for SS payments.
Most work plans provide some LTD included in their employment of you; I would ask about that first before electing additional coverage.
And then the same rule applies to all insurance. It's literally a bet. If you CANNOT afford to have a loss in income at all - if you are the sole support for several children or a whole family and there would be no other way of surviving for any of them, then you should have all the insurance in the world. If you can afford to pay the premium and would sleep better at night knowing you have the insurance, then by all means, pay for it. If it's a question of whether or not you really need it, then keep in mind that at the end of your life when you're most likely to need such money, if you save that money and invest it, $100 per month can be $100,000 at retirement time. That's why I asked (or at least implied that it mattered) how old n. is and that would figure into my calculations.
Disclaimer: not that I know bupkis about n's financial situation or needs.
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Date: 2008-04-01 04:17 pm (UTC)Most work plans provide some LTD included in their employment of you; I would ask about that first before electing additional coverage.
And then the same rule applies to all insurance. It's literally a bet. If you CANNOT afford to have a loss in income at all - if you are the sole support for several children or a whole family and there would be no other way of surviving for any of them, then you should have all the insurance in the world. If you can afford to pay the premium and would sleep better at night knowing you have the insurance, then by all means, pay for it. If it's a question of whether or not you really need it, then keep in mind that at the end of your life when you're most likely to need such money, if you save that money and invest it, $100 per month can be $100,000 at retirement time. That's why I asked (or at least implied that it mattered) how old n. is and that would figure into my calculations.
Disclaimer: not that I know bupkis about n's financial situation or needs.