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What is your opinion on continuing to pay for disability insurance?

I have been a hygienist for 17 years and have carried a private disability insurance I was wondering what your opinion is on continuing to pay for it. 2 years ago I used it for 6 months otherwise haven’t used. It has a 90 day waiting period. I just feel like I have out some much money into I hate to discontinue but I also would like to use that money for savings or something else. Thanks for your professional opinion.



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3 Answers

Honestly, I’m not sure I’m the most qualified person answer a question like this. It seems more suited for a financial advisor. With that said, my experience with insurance is that it always feels like a cost that I don’t get anything out of — until I need it. Then I’m thankful it’s there! I would say if you are looking to discontinue the insurance just to have some extra discretionary income to go out and spend, then don’t discontinue. If you are looking to cut back spending to save for retirement or another life expense like college for the kids, then it might be worthwhile to go without. Again, I think this is a question a financial advisor could probably answer better, but that’s my two cents!

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I have been paying into a private disability policy since I graduated 27 years ago. I always treated as a bill that needed to be paid and didn’t think about the cost or how much I have put into it. Insurance is expensive if you don’t need it and worth every penny if you do. Mine also has a 90 day wait period as well, for as we all know this keeps the premium low.
I just recently went out on disability and will be having surgery for carpal tunnel. Even if you don’t think you will need it financially, the insurance benefit may not change your life but It will give you choices. Also unless NOT paying that premium is going to make a difference in your life I would keep paying it and don’t think about it again.
You can’t put a price on piece of mind.

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I had never been officially treated for my work related static posture issues except a few years ago I had a muscle relaxer prescribed and I was denied disability because the medication was for my neck even though it wasn’t prescribed due to work related injury. I would keep that insurance. Better to be safe than sorry. I wish I could qualify.

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