karebear12892 Posted March 22, 2019 Share Posted March 22, 2019 I'm hoping someone can help guide me in this decision. I've reviewed several quotes and done lots of research on my own, but I'm having trouble deciding between two very similar policies, priced about the same, from two different agents. Would anyone who is knowledgable about this be willing to take a look at the two policies and help me decide which is best? Would rather not post the quotes publicly so PM me if you're able to help. Thank you! Link to comment Share on other sites More sharing options...
Boatswain2PA Posted March 22, 2019 Share Posted March 22, 2019 I probably couldn't help you compare the quotes, but I will ask if these are the FINAL quotes. I was quoted a very low rate, but when they pulled my medical records and saw how many things I had broke the price was astronomical. Link to comment Share on other sites More sharing options...
Moderator EMEDPA Posted March 23, 2019 Moderator Share Posted March 23, 2019 for a $5000/month policy starting 180 days after the start of disability I pay $650/quarter. I am a healthy nonsmoker and almost 50. Link to comment Share on other sites More sharing options...
GetMeOuttaThisMess Posted March 23, 2019 Share Posted March 23, 2019 You want a policy that pays out after the elimination ("wait") period if you're unable to perform the duties for which you are trained. In other words, you could still be a Walmart greeter or Target check out clerk but wouldn't be able to practice medicine. These are hard to find nowadays compared to when I got mine 25 or so years ago. I gave it up last year when I realized that I didn't need it any longer since I now have access to retirement funds w/o penalty. Link to comment Share on other sites More sharing options...
Moderator EMEDPA Posted March 23, 2019 Moderator Share Posted March 23, 2019 yup, that is what I got. Link to comment Share on other sites More sharing options...
narcan Posted March 23, 2019 Share Posted March 23, 2019 Do you guys recommend having your own policy if provided by your employer? I ask for those of us who have switched jobs over time. Link to comment Share on other sites More sharing options...
GetMeOuttaThisMess Posted March 23, 2019 Share Posted March 23, 2019 Yes, yes, yes; have your own policy if financially possible. Mine was through Mass Casualty. Link to comment Share on other sites More sharing options...
Moderator ventana Posted March 23, 2019 Moderator Share Posted March 23, 2019 Yes own policy needs to be paid with after tax dollars then if you use it income is tax free yes to own policy at some point I will drop mine but now it is about 450 month and good for about 80k per year and is my profession and speciality, meaning if I can not work as a pcp pa I can collect. No saying I could go work in a different field and therefor denying me. Expensive but worth it. I mtb and race a bit and have young kids and sig debt but also approaching 50. Link to comment Share on other sites More sharing options...
karebear12892 Posted March 23, 2019 Author Share Posted March 23, 2019 Update: I had an epiphany this morning while reviewing the quotes one more time, and I've made a final decision thank you all! Link to comment Share on other sites More sharing options...
Boatswain2PA Posted March 23, 2019 Share Posted March 23, 2019 As with life insurance, if you do your financial planning right you should need disability insurance less and less as you get older. Early in life with spouse/kids/debt then you need life and disability insurance. But as you get older, build more wealth, and have no debt, then the need for life or disability insurance should go away, thus freeing even more money a month to build wealth with. Link to comment Share on other sites More sharing options...
jmj11 Posted March 23, 2019 Share Posted March 23, 2019 I never thought, in my wildest imagination, thought I would need to be on LT disability, however, presto, here I am. It happened suddenly and without warning. Mine was an employer program. It requires a 90 day wait period ad pays me at 60% of my previous (prior to disability) wages. It does allow me to work, however, I must subtract every dollar earned through my job (any job) from what they pay me. Link to comment Share on other sites More sharing options...
GetMeOuttaThisMess Posted March 23, 2019 Share Posted March 23, 2019 I have had my own LT care policy, in addition to LT disability, as well as one for my wife, since we were in our early thirties. I didn’t want a catastrophic event to impair the other’s life, or the life of our daughter. Now it remains in place for the more likely end of life care costs and hopefully will lessen any decision making/stress for our adult daughter. Link to comment Share on other sites More sharing options...
Boatswain2PA Posted March 24, 2019 Share Posted March 24, 2019 6 hours ago, jmj11 said: It requires a 90 day wait period ad pays me at 60% of my previous (prior to disability) wages. It does allow me to work, however, I must subtract every dollar earned through my job (any job) from what they pay me. First, and most importantly, I hope you get better quickly, and I'm thankful you have disability insurance! Question - is that 60% of wages that you get from employer provided disability insurance taxable? Link to comment Share on other sites More sharing options...
GetMeOuttaThisMess Posted March 24, 2019 Share Posted March 24, 2019 When I got mine years ago I was told 70% of average wages max, 60% if provided by employer. Link to comment Share on other sites More sharing options...
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