To paraphrase Benjamin Franklin, the only thing we have to do in life is die and pay taxes. But this, of course, is a sweeping statement for freedom of choice; the reality is there are many things that we have to do so that we may live as long, comfortable, and healthy a life as possible. Surely most of us would not go to work every day if we didn’t have to; if we didn’t have those pesky bills to pay and that annoying food to buy. But we do what we need to do and make as many choices as we can that make us happy along the way. Adjustments must be made, to be sure, as we advance in life – health insurance is changed to accommodate our changing medical needs as a single, as a family, as an older person nearing retirement; as change is also addressed in the other financial considerations we make throughout our lifetime including life insurance, retirement funds, other investments, and disability insurance.

Much like life insurance, disability insurance is often one of those purchase and forget about it things; we know we need it and we do what we need to do to find the best policy for our particular life circumstances, after which we tend to forget we even have disability insurance in place. This isn’t a bad thing necessarily. After all, disability insurance is put into place as a protective measure in our lives; the money is there should we face a short term or long term disability wherein we are not capable of maintaining our current level of income. Like the money that we put aside for a rainy day, a short term or long term disability policy is meant to be attended to and then mentally forgotten; a provision should we need it. But this does not mean that disability income insurance should not be examined from time to time, especially as our life circumstances and our needs change; something we will look closer at in the next post.

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