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Suze Orman is always talking about keeping 6-8 months worth of $savings$ in an account in case you get sick, or have an accident or lose your job to help you cover your monthly expenses till you get back on your feet.
The thing is, my monthly expenses are way over 3 grand and 6 months worth of savings is over $18,000! I have no idea what she is thinking!! I wish I had over 18 grand to just stick in an account to just sit there..
Anyway..I was thinking about disability coverage?? couldn’t I just take a disability plan that will help me cover my minimum expenses incase of injury, coma, lose of job ..etc??
That way I can still save alittle at a time, but not have to worry if I get in a car accident and am in a coma for 5 months that my family will still have the house when I wake up!
***Response to Answer***
Home Equity!! my wife can’t just go to the bank and take a home equity loan. First they have to fill out papers, have an appraisel done on the home first. then when the appraisel comes back, they’ll only grant us 85% of the value of the home, and that’s if I still don’t owe a hugh amount already on the home.. Anyway, I can’t expect my wife to do all that if I’m in a coma or something?? I was thinking about credit cards also…Just leave a credit card with a large amount of credit on it in the safe or something and tell her if I’m ever disabled, use this card till I’m back on my feet..
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1 Response to disability Insurance!?
Insurance Pickle.com
March 5th, 2010 at 1:48 pm
Right….the 6 months savings isn’t meant to be there in lieu of having a disability policy. You should have that anyway.
And, an emergency fund does not have to be ‘cash.’ A home equity line (assuming the bank doesn’t take it away) could be used in an emergency. Sure the cash is better but it’s not the only answer.
Hope that helps…
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