Liz Weston

And that's because you love them and you don't want to leave them in the lurch.

And that's because you love them and you don't want to leave them in the lurch.

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.

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.

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.

Well, Sean, your chances of becoming disabled are actually much higher than dying during your working years.

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?

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?

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.

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.

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.

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.

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?

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?