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Grow Money Business with Grant Bledsoe

Aug 19, 2020

In today’s episode, Katie Brewer from Your Richest Life Financial Planning joins us to chat about long term disability insurance.  Katie is a CERTIFIED FINANCIAL PLANNER™, and shares some wisdom she’s picked up over the years surrounding why LTD coverage is so important and what to look for when evaluating a policy.

Throughout the episode, Katie and Grant review many aspects of long-term disability insurance,  how to decide whether to obtain coverage, and a few things you can do to reduce the cost of a policy.

[01:27] Katie’s Background – Katie shares how she helps her clients make smart financial decisions.

[07:27] Why Long-term Disability is Important – Katie shares her thoughts on why it’s crucial to have a safety net in case of an illness that prevents you from working.

[11:14] Details of Long-term Disability – What constitutes a disability, how long-term disability insurance works, and different ways insurance companies structure their long-term disability policies.

[19:18] Evaluating a Policy – Katie and Grant review several factors you should consider when you’re evaluating a long-term disability insurance policy.

[22:43] Riders – riders are a set of options that come with your insurance policy. These are commonly available in long-term disability policies. Katie dives into details of the most common riders and their benefits.

[25:54] Residual Disability – What happens if you’re only able to work part-time due to a long-term disability and how you can choose your insurance options to prepare for such a situation.

[31:57] Group Coverage – Grant and Katie discuss what you can do if you have a group insurance policy that does not fulfill your expectations.

[35:45] Future Insurability – How you can update your insurance options to match your future needs and what to consider before switching to a new insurance policy.

[43:15] Working with Insurance Agents – Katie shares her thoughts on why it’s essential to work with independent insurance agents who are not beholden to one insurance company.

[50:39] Taxability of Benefits – How taxation comes into play, depending on how your insurance policy is structured.

[56:00] Insurance Through Professional Organizations – Grant and Katie share their experiences of obtaining group insurance policies through professional organizations.

[58:20] Final Thoughts – Katie sums up the most important things you should keep in mind when you’re thinking of obtaining a long-term disability insurance policy.



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