If you’re single, your insurance needs look different than someone whose household has two incomes.
And if you’re the only person bringing in a paycheck, protecting that income may matter a whole lot more than you realize.
In this episode of She’s Talkin’ Money, I’m walking through the insurance benefits you probably selected during open enrollment years ago — and helping you figure out what you actually have, what you may need more of, and what you might be paying for without really understanding why.
We start with disability insurance, because for many single women, their ability to earn an income for the next 20 or 30 years may be one of their biggest financial assets. I’ll explain how short-term and long-term disability coverage works, what percentage of your income may actually be replaced, why benefit caps matter for higher earners, and why the definition of “disabled” inside your policy can completely change whether you receive benefits.
We’ll also get into how to read the insurance deductions on your paycheck, when employer-provided coverage may not be enough, why relying entirely on insurance tied to your job can create problems if you leave or start a business, and whether a single woman actually needs life insurance.
I’ll also explain when life insurance does make sense even if you don’t have children, why supplemental life, accident, critical illness, and other add-on policies deserve a second look, and why your beneficiary designations may matter more than what your will says.
If open enrollment is coming up, don’t automatically click “same as last year.”
Take a few minutes to understand what you’re actually paying for — and whether the coverage would really protect you if your paycheck suddenly stopped.
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Shari Rash is a financial planner and Investment Adviser Representative of GWA Wealth, a Registered Investment Adviser. The information provided in this podcast is for educational and informational purposes only and should not be construed as personalized investment, tax, or legal advice. Listening to this podcast does not create an advisory relationship with Shari Rash or GWA Wealth. All investments involve risk, including the potential loss of principal. Any references to specific investments, strategies, or securities are for illustrative purposes only and are not recommendations. You should consult your own financial advisor, tax professional, or attorney regarding your individual situation before making any financial decisions.
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