Disability insurance etc

Morning curmudgeons, I’ve been racking my brain over what I’d do if something happened and I was unable to work given the nature of what we do and how easily an everyday accident could keep us out of work for months if not indefinitely. Namely every time I’m ripping down a ski trail or cutting wood with the chain saw its in the back of my mind. Its not an office job you can go back to in a wheel chair or on crutches.

I have through my employer Short term, and Long term, covering 50%-60% of income until retirement. Often, but not always the company has paid guys their base salary for a month or so on top of that. %50 of what I make is enough to live off, but definitely not enough to live the same lifestyle! The old lady can support us, but no way I want to rely on one income if not necessary. I’m looking into some supplemental insurance, at least on the short term, but think its a ripoff for the premiums. I’m talking to an insurance guy, ideally I’ll add another %25 of my income in short term to supplement the %50 from work.

What have you guys done? I want to keep my savings as savings and not use that money as insurance.

[QUOTE=z-drive;135861]Morning curmudgeons, I’ve been racking my brain over what I’d do if something happened and I was unable to work given the nature of what we do and how easily an everyday accident could keep us out of work for months if not indefinitely. Namely every time I’m ripping down a ski trail or cutting wood with the chain saw its in the back of my mind. Its not an office job you can go back to in a wheel chair or on crutches.

I have through my employer Short term, and Long term, covering 50%-60% of income until retirement. Often, but not always the company has paid guys their base salary for a month or so on top of that. %50 of what I make is enough to live off, but definitely not enough to live the same lifestyle! The old lady can support us, but no way I want to rely on one income if not necessary. I’m looking into some supplemental insurance, at least on the short term, but think its a ripoff for the premiums. I’m talking to an insurance guy, ideally I’ll add another %25 of my income in short term to supplement the %50 from work.

What have you guys done? I want to keep my savings as savings and not use that money as insurance.[/QUOTE]

A couple years back I started thinking about this as well. No more felling big hardwood, twitching is OK but no more dumbassery. Thinning softwoods? Thinking about it.

Fella I know got Aflac for the just in case. He’s never had to use it but supposedly the policy he has is pretty good. I’d check it out.

There’s no need to fear, Obama care is here.

Definitely a good idea. Like most insurance, you have to get a group rate or its super expensive.

My employer provides it FREE. 100 short term/ 60 long term. I had the option to buy more, but I didn’t. The employer is smart to provide this insurance.

Just talked to the insurance folks again, and it seems I could only get another %10 on top of the %50 I am getting, as %60 seems to be the max they will insure you for, at least here.

I have had the AFLAC accident insurance, which is about 45-50 a month for me (youngster), but wanted a steadier insurance payout if needed and dump the AFLAC. I’ll stick with the AFLAC for now…Should be an ok hit combined with the %50. Hope to never need it though!

Both short and long is free for me, but figured it wouldn’t hurt to look into the details and see if I could increase the coverage.

[QUOTE=z-drive;135884]Just talked to the insurance folks again, and it seems I could only get another %10 on top of the %50 I am getting, as %60 seems to be the max they will insure you for, at least here.

I have had the AFLAC accident insurance, which is about 45-50 a month for me (youngster), but wanted a steadier insurance payout if needed and dump the AFLAC. I’ll stick with the AFLAC for now…Should be an ok hit combined with the %50. Hope to never need it though!

Both short and long is free for me, but figured it wouldn’t hurt to look into the details and see if I could increase the coverage.[/QUOTE]

If you ever have to use long term be ready to be hassled to insanity. They want you to immediately apply for social security disability, if you do not they will stop the long term and if you get SS disability they cut your long term by the amount social security pays. Long term should be called Social Security supplemental insurance. You must remember that insurance companies are not in business to pay benefits, they are in business to make money and the more benefits they pay the less money they make.

One more issue to consider is whether the policy is same occupation or not? They may expect you to adopt a new profession if you can’t return to work.

[QUOTE=renoun;135921]One more issue to consider is whether the policy is same occupation or not? They may expect you to adopt a new profession if you can’t return to work.[/QUOTE]

Yes - this clause and coverage is exceptionally important in any disability policy and will affect the premium. Look up the details of what it means on the Web.

Absolutely important! Few people understand this.