The one insurance you should have, but probably don’t

The one insurance you should have, but probably don’t

RICHMOND, Va. (WWBT) - Death and disability are not fun topics to even talk about, much less think about. But we all need to be prepared for the worst-- having to take care of yourself if something bad happens is so important.

One of the biggest things people seem to skimp on is disability insurance. Michael Joyce with the Richmond financial firm Agili says he sees it all the time and he says people often need that more than most other insurances.

“If you’re a 40 year old male you’re 3 times more likely to become disabled before age 65 than you are to die before age 65. And yet, a lot of people have plenty of life insurance,” said Joyce.

It’s pretty simple. If you can’t work-- no income.

Life insurance is another one. Joyce says it’s very important for most people to have life insurance but in many cases life insurance is not a life long need. You need it when you have big debt like a mortgage or car payments or if you have kids that are going to go to college or to provide for a surviving spouse.

The key today is don’t forget about disability insurance. A lot of employers even offer this-- and people just don’t elect to sign up.

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