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What Sort of Disability Insurance Do You Have?
Posted on 1/4/18 at 10:33 am
Posted on 1/4/18 at 10:33 am
Now that life insurance is squared away I'm worried about what happens if I step in front of that bus and don't die but merely get turned into a vegetable. Or, God forbid, get some medical malady that requires me to be away from work for months at a time.
I do not have coverage through work. Is this a "luxury" form of insurance or a necessity? How expensive is it and what are my best options?
If income is a part of the equation, let's use the old money board hypo of $100k salary.
I do not have coverage through work. Is this a "luxury" form of insurance or a necessity? How expensive is it and what are my best options?
If income is a part of the equation, let's use the old money board hypo of $100k salary.
This post was edited on 1/4/18 at 10:35 am
5
Posted on 1/4/18 at 11:35 am to GaryMyMan
Definitely get disability. It isn't terribly expensive (at least not in my case) but ask your agent for actual numbers.
I do have coverage through work but I bought extra.
I do have coverage through work but I bought extra.
Posted on 1/4/18 at 11:35 am to GaryMyMan
Insurance is a transfer of risk. How will you defend against this risk? If you have enough saved away to provide you enough cash to live on during a disability, then you are essentially self-insured and don't need additional coverage.
Most people are not.
I have short term and long term through work. Long term is 100 percent paid for by the company. Short term I pay for. Both end up replacing about 60% of my pre-tax income. I also have an Aflac policy.
Most people are not.
I have short term and long term through work. Long term is 100 percent paid for by the company. Short term I pay for. Both end up replacing about 60% of my pre-tax income. I also have an Aflac policy.
Posted on 1/4/18 at 1:24 pm to GaryMyMan
I have 2 policies, one through my professional organization, and one through Ohio National, I would not be able to sleep at night not having them and being the sole earner for the House. My father went on 100% disability (terminal cancer) and had it not been for his disability policies it would of been tragic for our family
Posted on 1/4/18 at 1:26 pm to GaryMyMan
I have long term, but not short term. I have lots of sick time at work (it carries over) and enough money to cover short term situations.
Posted on 1/4/18 at 1:56 pm to GaryMyMan
I have long term thru my employer, and my self employed spouse carries it as well. Though we have minimal life insurance, I would never go without DII.....being dead is cheap. Staying alive is hella expensive.
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