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Q: Does Dave Recommend AFLAC or Other Supplemental Insurance Plans?

2011 May 1

Dave does not recommend AFLAC or any other company that sells these types of supplemental insurance plans.  These typically include  short term disability, cancer policies, emergency accident and critical illness.  By establishing your emergency fund you actually eliminate the need for these supplemental plans and can use those premium dollars much more effectively.  If you have 3 to 6 months of your emergency fund built up you actually begin to self insure these smaller risks which is a much smarter approach to these measurable events instead of paying an insurance company.

Remember, once you have established your emergency fund then all those premiums you were paying can now go to other financial needs such as debt reduction and savings.

If you use some of your fund then you can re-budget to help get your fund back to the level needed and then return to savings, etc.  Same applies for health insurance.  If you have a quality health plan and disability insurance, along with your emergency fund then you no longer have a need for short term disability or cancer policies.

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