Critical Illness and Disability Insurance: Some people look at this type of insurance and do not see the benefit. I was one of these people. I did purchase this type of insurance for my mortgage, as I had a significant amount of life insurance, my mortgage broker suggested that I should instead purchase critical and disability insurance to cover my mortgage if needed. I agreed, feeling that it made sense but never thought I would use it. I was young at the time.
So, then life happened. I started having some health problems and needed to take time off work – almost a year in fact. Then I had to have surgery and needed 6 months recovery time. So, all in all, I was off work for close to a year and a half.
I needed that insurance and used it. It covered my mortgage for almost a year and a half and allowed me time to focus on me instead of the stress of certain finances. I was fortunate to be on short term disability through work, but it is about half of your wage, so it would not have been enough to pay for everything.
Having this type of insurance allowed me more time to heal and breathe while paying the necessary bills. There was no extra and I needed to cut costs and scrimp throughout this time – I am very grateful to my mortgage broker for having the foresight to suggest this. Although I never thought I would need it, I am very grateful that I had it to lean on in my time of need.
https://www.investopedia.com/terms/d/disability-insurance.asp
Questions to Ponder:
Would this possibly be beneficial to you?
Is this something that you should look into?
