Short term disability policy

I have an own occupation policy with Guardian, used to be Berkshire Hathaway. Never got short term. Too expensive for self employed and I’ve always kept 6 months living expenses in savings.

Wife had the same and had to use hers. They paid after doing their investigations, spying on you and medical review. Biggest thing is emailing, calling literally everyday to make sure they have what they need. Otherwise they will take one month to inform you. Took her almost a year before she finally listened, but they gave her back pay to the first day of her 90 day elimination period and premiums paid back to her last day of work. They were supposed to be the best, still are probably.

I highly recommend own occupation if you can. Cost a little more but threshold to qualify is more reasonable. We also paid for lifetime benefits which I think is roughly 60% of your full check at age 65 or 67 depending on your age and policy. Also 3% COLA. Glad we did all of it.

Highly recommend AFLAC accident policies and cancer policies. Have seen many, many people benefit from them and they are easy to work with.

AI tells us:

A definition of "disability" for insurance purposes varies by policy, but generally refers to an inability to engage in any substantial gainful activity (SGA) due to a medically determinable physical or mental impairment that has lasted or is expected to last a continuous period, typically at least 12 months or until death. The three most common definitions are "own occupation," where you cannot do your specific job; "any occupation," where you cannot do any job for which you are suited; and a "split definition," which starts with "own occupation" but shifts to "any occupation" after a period of time, such as two years.

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Be sure to study the definition of disability in whatever policy you consider. Any occupation could be security camera monitor or receptionist. You might be crippled as hell, with no way to do your regular job, and they’d say you could still do a sedentary job like those.

Some years ago, there were several suits by doctors against their Unum policies. The docs were surgeons, had a heart attack or similar and could no longer do surgery. The insurer would say, yeah, but you can still work in a clinic. Lawyers made out good; not sure about the docs.

I always say that having a disability policy is just a ticket to file a lawsuit if you become disabled. Those bastards don’t just hand out checks. Don’t expect reasonableness or fair play by them. You are a valued customer until you file a claim; then you become the enemy.

Took one out when I started over - when we came to Texas after investing 10 years elsewhere.

Was inexpensive back then and was more of a security piece as I was the primary income.

Never had to access, fortunately, and maintained it active for longer than logically needed but it was there 'in case'

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so you recommened own occupation policy with GUARDIAN? will look into it as i need a LTD policy.

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I can't complain. My wife's issues were complex and it got annoying at times but they were just doing their due diligence. She should have stayed on them more to make sure they were getting everything, but yes, I'd recommend Guardian for own occupation.

But if you are a business owner, get very specific details of "own occupation" and definitions of income, revenue and profit. If you have a decline in function and cut back for ANY physical issue, document it well. My wife didn't as she didn't plan on filing it. It just took a little longer and the whole process started during peak COVID. That complicated things along with the fact that disability claims are up like 20% since COVID.