If you’re 50 years old or older you’ve entered the second half of your life and have likely learned a thing or two over the years.
By now you may have bought and sold a few homes, watched your kids grow and go off to college, been married (maybe even a few times), climbed the corporate ladder, or built your own business up from scratch, and maybe even have a few grandkids to enjoy.
You’re also hopefully thinking more about how you will enjoy your retirement years.
“Maybe it’s true that life begins at fifty. But everything else starts to wear out, fall out, or spread out” – Phyllis Diller
If you’re 50, 55, or 60 you are closing in on retirement and a few lost years of investing can really slow down your goal of retiring on time. This is why disability insurance is important even when you’re in your 50s.
WHY WOULD YOU BUY DISABILITY INSURANCE IF YOU’RE 50, 55, or 60 YEARS OLD?
By now an unexpected illness or injury that leaves you out of work is more likely than ever. Because of this there’s ample reason why a 50, 55, or 60 year old should purchase disability insurance.
While purchasing disability insurance in your 40s would have been cheaper, now is cheaper than waiting even another year. It’s also important to note that you can only purchase a policy until you’re 60 years old and the benefits can only pay out until you are 67.
Being you’re now 50 and older unfortunately you likely have family or friends who have been impacted by cancer, autoimmune disorders or other illnesses, or that have been in auto or other accidents.
It’s important to purchase disability insurance while you’re still healthy, and before you develop an illness that classifies as a preexisting condition. If you do develop an illness that is deemed a preexisting condition it will either make you ineligible for disability insurance or cost more.
For example, disability insurance for a healthy 55-year old sales executive making $165,000 in Minnesota could cost around $260/month for $2,400/month of coverage up to age 65. Disability insurance for the same 55-year old who developed type 2 diabetes could cost closer to $370/month!
WHAT COULD YOU USE DISABILITY INSURANCE FOR IF YOU’RE 50, 55 or 60 YEARS OLD?
Besides the fact that you can purchase disability insurance for 50, 55, or 60 year olds for a lower rate than if you continue to wait, there are many other reasons why you would want to protect yourself with this type of policy.
If you’re out of income for longer than you have savings to live off of you won’t be able to pay your bills on time, resulting in having to use credit cards or take on other debt to make ends meet. Missing payments could result in ruining your credit, which can take years to build back up.
No income means being unable to provide for your family, including a spouse that isn’t working or any older dependents that still need you financially. If you know your family couldn’t live without your income th