Julia Carpenter

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3,850 appearances 71 recordings 1 series first heard Oct 2019 last heard Sep 2024

Julia Carpenter’s voice in public audio — every appearance, attributed to the second.

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WSJ Your Money Briefing · Open Enrollment: Should You Buy Disability Insurance? · 8 Nov 2023 podcast

And you'll be unable to work for a period of time and you'll need your income replaced.

A typical insurance policy costs somewhere between 1% to 3% of your income.

So if you're seeing quotes for 4%, 5% or higher, that's likely not a good deal in the world of this coverage.

Disability insurance is definitely worst case scenario planning.

You are planning for the possibility that you will become disabled either due to an illness or an injury or something else, and you'll be unable to work for a period of time and you'll need your income replaced.

I spoke with one expert who said that to him, long-term disability insurance is just as essential as health insurance.

He has seen too many people fall ill and they need that income in order to continue living the life they lead.

I spoke with one consultant and he said, listen, everyone needs long term disability insurance unless you are incredibly wealthy in your own right and not worried at all about funding anything that could happen in the future.

Most people aren't in that position.

So they should consider that, especially as they are nearing any sort of health concern or if they work in a particular industry that is maybe they've seen other coworkers fall prey to some of this stuff.

But it's also something that people should consider if they are looking to get pregnant in the coming year and might want to take their maternity benefits as a result, or people who see that the policy is somewhere, again, between that 1% and 3%, because in that case, it's just as affordable as dental insurance.

Several states, including New York, California, Rhode Island, and others, actually legally require companies to offer short-term disability insurance to their employees.

So there is public disability insurance.

And what long-term disability insurance does is it adds on to that.

So public disability insurance is a very lengthy, very arduous process.

And ultimately, you'll probably get about 40% of your income replaced.

This long-term disability insurance is like a wraparound plan to that.

It's augmenting that so that you can replace your entire income and continue leading the life that you live now.

So for people who don't have maternity leave protected through their job or don't have time off protected through their job, short-term disability insurance is a great way to get that time off during this period of time.

And I know we don't typically think about pregnancy or maternal health as a disability, quote unquote, in the precise definition.

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