Ask Terry Questions Cancel my disability insurance now?

Cancel my disability insurance now?

By Terry Savage on November 27, 2015 | Insurance & Annuities

Do I still need disability insurance? I can afford it.
I am a 61 yr. old dentist who hopes to work until age 67. My Ameriprise Goal Tracking Review shows that I can retire at age 64.5 in a better position than the 2014 forecast.
I have an ADA group plan costing $2,600/yr. for $4,000.00 monthly benefit.
I have an individual plan costing $1,690.00/ yr. for $4,000.00 monthly benefit.
Please advise.

Thank you,

Terry Says:  I feel like Clint Eastwood:  How lucky do you feel?  A disability could come in any form — a car accident, or slip and fall.  Any of those might keep you from earning a living.  It’s not just that you’ve paid for it all these years.  It’s a forward-looking question.  Most disability policies stop paying when you reach full Social Security retirement age.  Check yours to see the limitations.  I can’t make this decision for you!

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