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Life and disability insurance: Can consumers afford it?

Posted On Mon, March 29, 2010

Consumers are trying to figure out what they can and can't afford. When it comes to insurance, both life and disability are essential.

Some consumers have to choose between the two. What's the best way to go about it?

"The problem with dropping life insurance or disability is there is the risk that you may not be able to get it again in the future," Barry Katz, a certified financial planner told

Here are his five suggestions on deciding how to allocate your insurance funds.

1. Spend less and meet your premiums - Don't cancel insurance policies if you already have them. Cut back on discretionary spending instead.

2. Buy with an eye toward flexibility - Purchasing a few smaller life policies rather than one large one.

3. Scale back your policy - Longer waiting periods before benefits start or receiving benefits for a shorter period of time can help cut disability costs.

4. Look for help from riders - Some insurers offer a rider, an addendum used to expand your coverage for an additional fee.

5. Don't overbuy - This is tempting, but can be a hug mistake.

A 2009 LIFE Foundation survey reported 56 percent of Americans say the economic downturn made it more important to have life insurance.ADNFCR-2297-ID-19695316-ADNFCR

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