disability insurance questions

[Rich06FJR1300]

Hi Guys and Gals,

 

as i get older i ponder this. I am single, but still ride. My concern is one day, my number may be called. Now while i'm not really worried about getting killed on the bike (that really is the easy way out) but what if i sustain injuries that will prohibit me from earning an income. Do any of you carry such insurance to protect yourself from this? or do you simply rely on what disability (what i pay through my paycheck) offers you? Basically its income continuation while you are disabled. I work for a small business and the only disability i see is through the state of new jersey. No long term disability. So i'd like to hear other scenarios/situations on this topic. And also am i worrying too much about this and just ride it? thanks.

[John Ranalletta]

disability ins can be uber expensive depending upon your occupation, the exclusion period and benefit levels you choose; so, it's very much an individual decision.

 

remember that when and if you can purchase it, the insurance company, in all its wisdom, actuarial tables, etc. is betting you're not going to need it.

 

i'd avail myself of their research and take their side of the bet, i.e. ride on without it.

[Rob]

I have it. I'm a business owner and my family depends on my income. I've had my current plan for a long time and I applied for a new plan a few years ago but due to previous injury, any claim related to my spine would be excluded. I kept my old plan and adjusted the elimination (deductible) period and upped the monthly limit to reflect updated income.

[Quinn]

How disabled are you going to be? How expensive will your treatments and care be? How expensive a lifestyle do you want to have? After short term, there's long term, then eventually Social Security. You really need to talk with an insurance expert and a financial planner.

 

I've read that the number of people on disability has skyrocketed with the downturn in employment.

 

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[Antimatter]

How disabled are you going to be? How expensive will your treatments and care be? How expensive a lifestyle do you want to have? After short term, there's long term, then eventually Social Security. You really need to talk with an insurance expert and a financial planner.

 

I've read that the number of people on disability has skyrocketed with the downturn in employment.

 

Disability tends to be federal money, so states are trying to get people off unemployment or assistance and on to disability, which gets the cost off the state's books. NPR did a good program on this a while ago.

 

I have it through work, and I carry life insurance through my wife's job. I've had some serious debates with myself about riding if I didn't have disability insurance.

 

[tallman]

I have it.

I watched both parents lose ability to work due to one, accidents, and two, my mom disabled by a student when she tried to stop a fight.

Mine is relatively inexpensive, about .07 per hour and replaces

2/3 of my salary.

Not the ultimate, better than nothing, affordable.

YMMV

[Danny caddyshack Noonan]

I had it and needed it, for a time. It only paid out a very small amount for a brief period when I was medically retired. More like gap insurance. I probably came out ahead on premium vs. payout.

 

You really need to sit down and detail out all of the benefits you can realize and then compare that to what will, and won't, pay. The disability insurances usually only due the gap benefit like I saw.

 

It is, after all, insurance. You are betting you're going to get hurt and the insurance company is betting you aren't.

[Rebgen]

Most employer-sponsored disabilty insurance (long-term) pays approx 60% after an initial period on 100% short-term disability. That 60% is gross and will be further reduced after taxes have been taken out. What remains is usually a small fraction of your pre-disability income.

 

Ask most people about their experiences regarding application for social security disabilty benefits...that's a whole other thread.

 

I've had a personal disability policy since I was 26...back in the eighties. Then policies were commonly "own occupation" which paid if I was unable to continue in my specific occupation. Now...they're pretty had to get...and expensive.

 

It all comes down to what your personal needs are..single, young family, married, or nobody depending on you but you. I purchased my coverage before marriage and kids, but I could have lost the ability to work in my profession due to lot's of different types of illness or injury. My personal risk was high and I decided to insure it.

 

Good luck