Finance Quick Answers
Do I really need health insurance and disability income insurance?
Yes, most people probably do need both kinds of
insurance, because there are really two kinds of
financial loss that can come from health problems or
injury:
- The cost of medical care
- The loss of income, either permanently or during recuperation
Purchasing health or medical insurance can cover the
first risk - financial loss from the cost of medical
care. The second risk - that you will lose income due to
injury or illness - can be transferred by buying
disability income insurance.
Brenda Procter, M.S., Consumer and Family Economics, College of Human Environmental Sciences, University of Missouri-Columbia
If you'd like to learn more about this and other personal finance topics, the University of Missouri offers 'Personal & Family Finance,' a correspondence course, through the Center for Distance and Independent Study (800-609-3727). Information about this course is available at http://cdis.missouri.edu/CourseInfo/DetailCourseInfo.asp?1985.
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Last update: Monday, July 21, 2008
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