Pick and Choose Your Insurance
by Dave Ramsey
| Does having supplemental insurance make good financial sense? |
Dear Dave,
Does having supplemental insurance make good financial sense?
Anonymous
Dear Anonymous,
Some of it does under the right circumstances. But you have to be very careful when choosing these products, because there are lots of companies out there trying to sell you stuff that doesn’t make good financial sense.
One example is short-term disability insurance. I would not do that. Another example is cancer insurance. I wouldn’t do that, either. But they also sell good stuff like long-term disability insurance. That’s something you really need!
Beware of the little gimmick insurance plans, too. Those six dollar a month things are not a good idea!
Dave
Posted by Laura
from Kansas
I know Dave said short-term disability insurance is a bad idea, but I disagree. Especially if you are a woman who happens to have to work and you and your husband are planning on having a child! I am a teacher, and having a child. Without having short-term disability, I would get paid NOTHING for the six weeks that I am out of work on maternity leave. For us, it is totally worth paying for short-term disability insurance to help us through this time!
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Posted by Candes
from evans ga
STD may not be the best insurance, however my husband has been out of work for medical issues since mid April and because we had that insurance, we have received full pay and full medical for the 1st 12 weeks and are currently receiving the next 12 weeks at 75% pay and full medical. It has been a great blessing for us during a very trying time.
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Posted by Ross
from southern California
Laura,
As a teacher you should have disability, or income protection insurance available through you association. Better check into it. I know, I had cancer and lived on our pay protection for 13 months.
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Posted by Lorraine
from Seattle, WA
Those $6 a month accounts saved our family. My husband was on disability and could not qualify medically for any life insurance. I purchased several of those policies, plus switched our car loan to a credit union that offered life insurance on the loan without qualifying medically. All of these policies were very beneficial when my husband died.
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