You are almost surely seriously underinsured. If you cannot work, the the family earned income goes to zero. You have two young kids to raise.
Do some financial planning. Estimate how much it will cost to cover expenses for yourself, your spouse and your children. Include college and graduate or professional school if you plan to help with that.
Total up all you plan to spend for your life and compare that to the income stream from your current policy plus your income from taxable investments. Eventually, it will be possible to tap your retirement accounts tax efficiently, but that will be years from now. You wll likely find a multimillion dollar gap between what you need for the rest of your life, including kids, and what you have.. $36,000/year in disability coverage is far too little in your circumstances.
Cancel the coverage once you are so firmly financially independent that no plausible sequence of events could put you in need for more income. You are nowhere close now. Many years. Maybe at 55. Maybe at 60. Depends on how life plays out.
For now, get MORE disability insurance.
Do some financial planning. Estimate how much it will cost to cover expenses for yourself, your spouse and your children. Include college and graduate or professional school if you plan to help with that.
Total up all you plan to spend for your life and compare that to the income stream from your current policy plus your income from taxable investments. Eventually, it will be possible to tap your retirement accounts tax efficiently, but that will be years from now. You wll likely find a multimillion dollar gap between what you need for the rest of your life, including kids, and what you have.. $36,000/year in disability coverage is far too little in your circumstances.
Cancel the coverage once you are so firmly financially independent that no plausible sequence of events could put you in need for more income. You are nowhere close now. Many years. Maybe at 55. Maybe at 60. Depends on how life plays out.
For now, get MORE disability insurance.
Statistics: Posted by afan — Sun Nov 09, 2025 9:55 pm — Replies 29 — Views 1360