My husband doesn't want to buy disability insurance

[Anonymous]

He says that our expenses are too high and we cannot afford it. I worry about accidents every time he gets in his car (he has a long commute). He is a physician and because of our child I work only part-time and do not earn nearly as much as he does.

I am not sure how to persuade him - one of my cousins (also a physician) got a stroke while waterskiing and had to learn how to speak, walk, etc. afterwards. After five years he still has not recovered completely. Not even this example has persuaded him. I don't know what to do!

I don't know where we could cut expenses. We pay for our mortgage and child care, max out the 401(k), save for a renovation, don't eat out, buy used clothing. In short, we live modestly, but it is expensive here.

I'd appreciate any thoughts or advice!

[Anonymous]

Why not just get the long term disability insurance and not the short term? At least for me STD was a much more expensive option than LTD. My plan is to save up my sick days so I can self insure for that.

[Anonymous]

OP here. I meant long-term disability insurance. The short-term one is covered by his employer.

The long-term disability insurance would cost around $ 330/month for a monthly payment of about $ 10k up to the age of 65.

[Anonymous]

Anonymous wrote:OP here. I meant long-term disability insurance. The short-term one is covered by his employer.

The long-term disability insurance would cost around $ 330/month for a monthly payment of about $ 10k up to the age of 65.

What about a reduced payment amount? Assuming you guys are saving you could probably get by on a combination of savings plus, say, $5K per month?

[Anonymous]

Anonymous wrote:OP here. I meant long-term disability insurance. The short-term one is covered by his employer.

The long-term disability insurance would cost around $ 330/month for a monthly payment of about $ 10k up to the age of 65.

you're purchasing too much insurance if it costs that much. If I were you I'd get whatever payout amount that would cover your yearly mortgage/taxes/insurance. The rest you could cover with a full time job if need be.

[Anonymous]

OP here. Good idea, thanks.

[Anonymous]

Pull some stats. The percent of people who need LTD at some point is much higher than one might think.

I had a similar issue with DH years ago. Then his sister ended up in the hospital for 6 months with an autoimmune disease and she couldn't work for a year. That convinced him pretty quickly.