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Q. I heard that disability insurance is sometimes more important that life
insurance. Is this true?
A. It depends. Disability insurance is very important, and you should get as much as
you can. If you were suddenly unable to work and your income disappeared, then the
effect on you and your family could be very detrimental, financially and otherwise.
In addition, you need life insurance if people are dependent on your income for their
survival. As you get closer to retirement and you have accumulated substantial assets,
life insurance becomes more important for estate planning reasons. The bottom line is
that most people need the maximum amount of both types of coverage. You should consult
an advisor to determine if you have adequate coverage and what you can do to fill in
the gap.
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I’m over 65 and I no longer need or want my life
insurance policy. The policy’s death value is $250,000 or greater, and I would like to
see how much is it worth to me as a senior settlement,