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In this episode, we delve deep into the topic of disability insurance and its critical role in financial planning. Disability insurance is often overlooked, especially among military families and veteran business owners, despite the statistics showing that one-fourth of individuals are expected to become disabled before retirement age. Let's talk about the essential features of disability insurance policies, including coverage specifics, the importance of insuring future income, and why a personal disability insurance policy remains vital across different job transitions and for business owners. Selecting the right policy is crucial. We discuss aspects like 'own occupation' coverage, inflation protection, and the intricacies of policy premiums. I also share a powerful example to illustrate the long-term benefits of securing a private disability insurance policy. It's important to highlight the general lack of awareness and misinformation surrounding this type of insurance. Disability insurance can be a lifeline in challenging times, and it's a cornerstone of financial security that shouldn't be overlooked.
Key Takeaways & Timestamps:
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Questions or comments, drop me a note at: erik@baskinfp.com
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