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Disability insurance for the self employed
Posted on 12/8/13 at 5:28 pm
Posted on 12/8/13 at 5:28 pm
Anyone know of a disability policy for the self employed. In br btw
3
Posted on 12/9/13 at 5:51 am to gsvar2004
Not in BR. I've got my disability through unum-Provident Life and Accident.
Posted on 12/9/13 at 5:58 am to guttata
I've got mine through met life. Everybody should have one, not just the self employed. I also have a policy that allows me to continue to work. It allows me to make more than disability allows, and they pay a little less. It's win/win. SSD should do the same. Be sure and get occupation specific.
Posted on 12/9/13 at 6:09 am to SmackoverHawg
Thank God I had it. Thought I would never need it and it saved our retirement. That extra couple grand a month comes in hand.
The way mine worked was they paid 75% of my normal pay. Once I went on SSD, they subtracted that amount from what they were paying. I will collect the insurance till the age of 70.
The way mine worked was they paid 75% of my normal pay. Once I went on SSD, they subtracted that amount from what they were paying. I will collect the insurance till the age of 70.
Posted on 12/9/13 at 6:35 am to fishfighter
quote:
Thank God I had it. Thought I would never need it and it saved our retirement. That extra couple grand a month comes in hand. The way mine worked was they paid 75% of my normal pay. Once I went on SSD, they subtracted that amount from what they were paying. I will collect the insurance till the age of 70.
I tell every young person I see this. SSD won't cover your bills. Get a private policy! Most young people think they are invincible or that things only happen to other people. However, working in the medical field has shown me how often it does happen. My disability policy was the first thing I bought when I started working.
Posted on 12/9/13 at 7:17 am to SmackoverHawg
I have looked at this previously and the premiums where outrageous. I was looking at a more comprehensive plan though that took care of long term care. I need to do something but I want to find a reasonable policy.
Posted on 12/9/13 at 7:51 am to Helo
Yeah premiums are too much for me
Posted on 12/9/13 at 8:49 am to fishfighter
quote:
Thank God I had it. Thought I would never need it and it saved our retirement. That extra couple grand a month comes in hand.
The way mine worked was they paid 75% of my normal pay. Once I went on SSD, they subtracted that amount from what they were paying. I will collect the insurance till the age of 70.
Question:
How does it work.
If you are too disabled to do your job that you had while on the policy, does it pay out permanently?
Or so they wash their hands of you if they determine you can do any job, no matter how small?
Posted on 12/9/13 at 10:23 am to Volvagia
My premium was 1500 per year. I just dropped it now that I have a large 401k.
Posted on 12/9/13 at 4:15 pm to gsvar2004
Most companies will write you, depending on what it actually is you do.
The big players in the Disability game are Northwestern Mutual, UNUM, Guardian, Mass, and Met. Some of them have some different definitions and benefits, so comparing contracts would be a good idea.
General math for most healthy young adults have premium around 1-3% of gross income to protect 60-70% and sometimes more or future income. Obviously this also can change depending on occupation and what not.
The big players in the Disability game are Northwestern Mutual, UNUM, Guardian, Mass, and Met. Some of them have some different definitions and benefits, so comparing contracts would be a good idea.
General math for most healthy young adults have premium around 1-3% of gross income to protect 60-70% and sometimes more or future income. Obviously this also can change depending on occupation and what not.
This post was edited on 12/9/13 at 4:25 pm
Posted on 12/9/13 at 4:19 pm to Volvagia
quote:
If you are too disabled to do your job that you had while on the policy, does it pay out permanently?
No, disability policies pay out for the benefit period (generally 2, 5, to 65, and to 70).
quote:
Or so they wash their hands of you if they determine you can do any job, no matter how small?
Depends on your policy definition. Some pay partial benefits, some require a total disability. Most, if you can't do your principle duties of your current occupation, will pay your full benefit. If you can do another occupation, but at less income, (say you are making 50% of what you were), you would receive 50% of the disability benefit. There are some that give you the choice of what you want to do. If you can work, but don't want to, you receive full benefits. If you choose to work elsewhere, you receive a proportionate benefit.
Posted on 12/9/13 at 4:22 pm to Helo
quote:
I was looking at a more comprehensive plan though that took care of long term care.
Thats why premiums were so high. LTC insurance is very expensive.
Generally just disability insurance isn't too bad when put into perspective (obviously this can change depending on occupation, age, etc...)
I'd suggest looking at individual policies for each. I'm not a huge fan of those comprehensive plans myself.
Posted on 12/11/13 at 7:39 am to gsvar2004
Ohio National, Principal, Standard are others to research. Big name insurers tend to command higher premium, then market themselves as elite. They also tend to have a thicker benefit as well that doesn't always translate to the insured's necessity. Own occupation, non-cancellable, cola increase are some policy features to seriously consider in any policy you own.
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