I came across this article at CNNMoney.com last week. Published on Valentine’s Day, writer Gerri Willis offered some very good financial tips for couples. As #2 is most relevant to this blog, it will be the only bullet point I expand. For the complete article, visit http://money.cnn.com/2008/02/14/pf/saving/toptips/
1: Get your own credit history
2: Consider disability insurance
Your number one asset is your ability to bring home a paycheck. But what happens if there’s an accident, or you become ill, or maybe you can’t work anymore because of an injury?
That’s where disability insurance comes in. It provides you with a monthly income in case you can’t work. You may be able to purchase long-term disability insurance from your employer, or you can get it on your own.
According to an industry group, the Life and Health Insurance Foundation for Education, about one in five Americans will become disabled for one year or more before the age of 65.
Keep in mind you will pay more for a policy if you’re in a high-risk job or if you’re a smoker. And the younger you are, the cheaper the policy. To figure out how much you would need, check out a calculator at www.life-line.org and click on “disability insurance.”
3: Combine the best 401(k) features
4: Streamline your savings
I am happy to see that more and more financial writers are highly recommending disability insurance, as it is quite often overlooked by many people. I firmly believe that disability insurance should be an integral part of most people’s financial plan.