Immediate Needs, Not Baby Steps

Kevin asks when in the Baby Steps he should work on getting life and disability insurance. Dave says it is an immediate need and not part of the Baby Steps.

QUESTION: Kevin on Twitter asks when in the Baby Steps he should work on getting life and disability insurance. Dave says it is an immediate need and not part of the Baby Steps.

ANSWER: It’s not a Baby Step. You need to do it immediately.

Life insurance doesn’t cost much, and disability insurance—if you buy it through work—usually doesn’t cost much. We don’t buy short-term disability insurance. That doesn’t serve any purpose. You want long-term disability insurance, and you want term life insurance. You buy your term life insurance in the open market. You don’t buy it through work. But if you can buy your disability through work, it’s usually cheaper than it is in the open market and the best place to get it.

Both of those are essential parts of financial planning, and I would do that almost immediately. Assuming you’re current on your bills first and maybe got Baby Step 1 under your belt or something—got a little bit of money saved—but you need to get those things started pretty quick. Big-time, big-time deal.

Again, you can check our website for some connections to some people that’ll help you with all of that. Zander Insurance is who we recommend for life insurance and have for 15 years plus now.