Disability insurance is one of the most important insurances you could own. This is especially true for those who don’t have the means to live without an income for an extended period of time. Quite simply, you pay a premium (the name given to the cost of insurance policies) in exchange for a benefit that would provide you with a monthly payment intended to replace your income should you become disabled and unable to work.
As I imagined, starting with this video endeavour has been quite a learning curve. I had no idea I would have to hack into my camera’s firmware in order to defeat the automatic gain control on the audio input. But instead of taking one hour to clean up the audio in the first video, now it’s just one click in “post-production”. I’m still figuring out the lighting and exposure settings, and rendering the video essentially melted my Macbook Air (MBA). Luckily the next video will easily take less than half the time to produce than the first.
As you can see, I’m still debating how to brand it. The YouTube channel is under my name, but after consulting with some branding experts, the choice for the blog series is to either use the WhereDoesAllMyMoneyGo brand for congruency, or to simply use my name.
Your feedback is welcomed as always.
Nice v-blog Preet.
A couple of other points to consider if you’re disabled and don’t die is that in addition to getting no life insurance payout, you still have the cost of maintaining your own life that you wouldn’t have had if you’d died (which you alluded to with mention of needing to afford devices to assist a disabled person), but also includes maintaining a certain size of home since you take up space, a larger grocery bill since you still need to eat, etc. In addition, continuing to live in a disabled state may impact your spouse’s ability to earn extra income if you require care, or obtaining care may be an added expense. Also, if you have a spouse, that spouse is not able to remarry to someone who is able to provide an income. Whether or not your spouse would choose to do so upon death can be a touchy subject, but at least it is an option.
Simply put, without either life insurance or disability insurance, becoming disabled is a much larger financial tragedy than dying. So I’d argue disability insurance is more important than life insurance, although of course most people with dependants should have both.
Thanks for the feedback RR – appreciated!
Perfect! Preet, you covered everything!
– make sure you have it, it’s important.
– *know* what you have at work.
– it’s expensive, but necessary.
Thanks Glenn – that’s high praise indeed :)
I’m hoping these videos will get people thinking and encourage them to learn more on their own, or seek out qualified advice.