I have met with a few financial advisors over the last couple of years, once while in school, and twice since I've graduated. I'm trying to figure out what the general consensus is in this industry for life and disability insurance. Has anybody talked about this stuff?
Personally, I think it is a good idea. Our firm has had many people use it in the past several years for everything from maternity leave to broken bones to permanent disability due to illness. For a young person, it is relatively inexpensive, and can make a huge difference in your lifetime finances if you are disabled . Otherwise, if you get some non job related injury, like you are in a car accident, and you cannot work for 4 or 5 months, you are completely out of luck- no income. You don't get unemployment if you cannot work.
If you have a family, life insurance is a good idea, at least until your kids are out of college. If you're young and single, it's a rip-off. In fact, most insurance is a rip-off.
As a professional with substantial earning potential, disability insurance is extremely important in terms of financial planning.
If you are working because you need the income, you need disability insurance. If you have enough income generated from your assets or a high net worth, it may not be necessary.
I have attached an article that I wrote for the CPA journal titled, "Disability Insurance Planning for Professionals". Although it is a few years old, the basics remain the same.
Also, keep in mind that, as an architect, you are in the highest occupational classification and, as a result, will pay the lowest rates for your coverage, compared to some other occupations. You may also qualify for association discounts via membership in a professional society.
If I can help you in any way, feel free to contact me.
Larry
Jan 30, 14 11:26 am ·
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Life and Disability Insurance?
Hey guys...
I have met with a few financial advisors over the last couple of years, once while in school, and twice since I've graduated. I'm trying to figure out what the general consensus is in this industry for life and disability insurance. Has anybody talked about this stuff?
Personally, I think it is a good idea. Our firm has had many people use it in the past several years for everything from maternity leave to broken bones to permanent disability due to illness. For a young person, it is relatively inexpensive, and can make a huge difference in your lifetime finances if you are disabled . Otherwise, if you get some non job related injury, like you are in a car accident, and you cannot work for 4 or 5 months, you are completely out of luck- no income. You don't get unemployment if you cannot work.
If you have a family, life insurance is a good idea, at least until your kids are out of college. If you're young and single, it's a rip-off. In fact, most insurance is a rip-off.
mike42-
As a professional with substantial earning potential, disability insurance is extremely important in terms of financial planning.
If you are working because you need the income, you need disability insurance. If you have enough income generated from your assets or a high net worth, it may not be necessary.
I have attached an article that I wrote for the CPA journal titled, "Disability Insurance Planning for Professionals". Although it is a few years old, the basics remain the same.
http://www.nysscpa.org/cpajournal/2007/1207/essentials/p56.htm
Also, keep in mind that, as an architect, you are in the highest occupational classification and, as a result, will pay the lowest rates for your coverage, compared to some other occupations. You may also qualify for association discounts via membership in a professional society.
If I can help you in any way, feel free to contact me.
Larry
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