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[quote=Anonymous][quote=Anonymous][quote=Anonymous]Another thing to keep in mind is whether you define it as replacing one or both incomes.  Per a PP, if you are in different fields, do you need to make sure that you have enough to cover the loss of one income for six months or two?  DH and I are both government contractors and so presume the worst.  We have roughly 6mos worth of emergency funds that are fairly liquid in savings accounts and a mutual fund.  This is in addition to (super worst case scenario) our retirement funds and both [b]long-term care and life insurance policies[/b].[/quote]

Do you need long-term care insurance? I am covered for short-term and long-term disability through my employer.... is this not enough?[/quote]

Generally speaking short term and long term disability is what you *need*.

Long term care insurance is for covering nursing home or related in-home expenses after you retire.  There is a lot of debate about whether it makes sense to buy LTCI and if so, when.  Generally speaking, the advice I have seen is not to buy it if you don't have much in the way of assets (because you might as well rely on medicaid), or if you have a lot of assets (because you might as well self insure), and not to buy it before age 60 or so (it is of course cheaper to buy earlier, but you can end up paying 30 years of premiums before you ever need the policy, and in the meantime there may be changes in the policy or other things).  Not to say it's a bad idea to but LTCI, but it's not something you should feel pressured to get.[/quote]

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