Should You Carry Disability Insurance Beyond Age 65?

Generally, disability insurance may protect your ability to earn income if you cannot work due to a disability. The insurance could pay a monthly benefit to replace a portion of the income you would make. The benefit periods are limited to specific years stated in each policy. 

When planning your financial and life goals, you may wonder if you should carry disability insurance beyond age 65. The answer varies per person based on several factors, such as whether you’re considering retiring soon or plan to keep working. 

Can You Get Disability Insurance After Age 65?

You are eligible to apply for Social Security Disability Insurance (SSDI) benefits until your retirement age. If you were born in 1960 or after, the full retirement age is 67 years old. You can also have a long-term disability (LTD) policy with some private insurance companies.

If you have LTD with a private insurance company, some rules may apply if you’re 65 or older. For example, some LTD policies offer 12 to 24 months of benefits. You can check the section about maximum benefits to learn how long your policy could provide you with disability income in eligible circumstances. 

Should I Have Disability Insurance After Age 65?

Because each person’s life and financial background vary, it’s beneficial to meet with a financial planner who can help you determine if you should keep disability insurance after the age of 65. Knowledgeable and experienced professionals can guide you through decision-making and planning processes.

When you meet with a financial advisor, they’ll discuss various factors, including the following:

• What is the size of your future savings compared to your existing nest? If you plan to keep working to reach your saving goals, an LTD policy may be a good fit for you. 
• How much do you plan to save throughout the rest of your career? If you’ve already met or surpassed your savings goals, then whether you should have an LTD policy may depend on how much longer you plan on working and the risks related to your profession. 
• What are your spending habits? An advisor can look at your expenses to evaluate the steps you should take soon or in the future, like if you should plan to keep working with an LTD policy or not. 

Contact the Team at Fort Pitt Capital to Discuss Your Goals

Should you have an LTD policy? Get advice from the trusted advisors at Fort Pitt Capital, who help individuals plan their finances for the future. To schedule a free consultation, contact our team today!