Liz Weston
speaker
110 appearances
2 recordings
1 series
first heard Nov 2024
last heard Nov 2024
Liz Weston’s voice in public audio — every appearance, attributed to the second.
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Appearances
And that's because you love them and you don't want to leave them in the lurch.
Yes. If you do need life insurance, one of the most important things is to make sure that you have enough. Insurance agents can make whole life sound pretty awesome, but it's definitely not for everyone, and the expense could tempt you to skimp on coverage.
Well, Sean, your chances of becoming disabled are actually much higher than dying during your working years.
Really? Today's 20-year-old has a one in four chance of being disabled before retirement, which is about twice the risk of dying, according to Social Security actuaries. Workers' compensation covers only work-related illness and accidents, and a lot of disabilities aren't job-related. But what if you have decent savings already?
Well, that's great, but a 2018 Federal Reserve study found only 40% of U.S. households had liquid savings equal to three months' expenses, and less than 30% had enough for six months. On top of all that, the average Social Security disability benefit in 2023 is $1,483 monthly. That adds up to less than $18,000 a year. Yikes. That will not get you very far if you're unable to work.
I had a great conversation with John Ryan, not to be confused with our earlier guest, Ryan Brady. And John is the founder and CEO of Ryan Insurance Strategy Consultants. That's coming up in a moment. Stay with us. Hey, John, it's great to have you on Smart Money.
So we're going to talk about some various kinds of insurance that folks might have as options on their employer-sponsored benefit plans. And I'd like to have you help us out first on disability. So what exactly is disability insurance and why would somebody need it?
Okay. And I hear that people are much more likely to be disabled than to die during their working years. Is that true?
So you mean that a disability is less likely to happen to you if you have an office job, which makes sense, than if you have a blue collar job or where you're out working with machinery or something else that could hurt you.
That's good to know. So what does employer-provided disability insurance usually cover?
So there's short-term disability and long-term disability. Can you talk about how those work?
And then the long-term can run for a certain number of years, or as you said, all the way up till retirement age.
Are there differences between what kind of disability you would go on or qualify for if you're unable to do your specific job versus if you're not able to do any job?
Okay. And actually, I wanted to get into that a little bit because people, if they're working and they're injured at work, they're typically covered by workers' compensation insurance. And John, we should talk a little bit about what that is and how it relates to disability coverage.
Yeah, I think it varies a lot by state, so it's good to look up, but it doesn't cover anything that happens off the job, right? Correct. And when it comes to Social Security, I understand that's pretty hard to get.
And speaking of employer provided disability insurance, is this coverage portable? Does it follow you to your next job if you quit this one?
And what should people know about buying an individual disability policy?
Even more rigorous than life insurance.
Interesting. Now you said medication search. So somebody is actually keeping track of what medications we take that we are insured for. And so there's a big database somewhere that these companies can check?
There's a database for everything.
Showing 21–40 of 110 · page 2 of 6
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