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Saturday, October 20, 2012

The Costs of Becoming Disabled

Paul Sullivan, in his Wealth Matters column this week, discusses a subject that is often overlooked - disability insurance. While it is difficult to figure out the risk of becoming disabled sometime in your working life, the benefits of having the insurance are easy to determine, since it pays you some portion of your regular salary.

But, as Paul points out, the cost of disability insurance can be $18.60 per $1,000 of coverage for individuals, with a 90-day waiting period before the coverage starts. Most people who have the insurance get it through their employer, and group policies are less expensive. Even so, life insurance costs far less - 22 cents per $1,000.

Do you have disability insurance? And if so, have you ever had to use it? Tell us about your experience.