Disability insurance, do you have it

Discussion in 'Homesteading Questions' started by Beeman, Dec 25, 2006.

  1. Beeman

    Beeman Well-Known Member

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    The thread about the cost of health insurance easily links to this thread. As some have had happen to them, if you became sick or injured could you pay your health insurance premiums to keep it activated while you recovered. Also what would provide for you until social security disability was approved, some have taken years to get approved.
     
  2. mpillow

    mpillow Well-Known Member Supporter

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    yes...its cheap in comparison...like $5 or less a week :shrug: and life insurance...just on the breadwinner.
     

  3. Lisa in WA

    Lisa in WA Formerly LisainN.Idaho Supporter

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    Yes, but we pay around $165.00 per month. My husband is insured if for any reason he can't do his specific work..whether mentally or physically disabled. So, if he is disabled from doing his job but can do a totally different type of work, he still receives disability payments.
     
  4. diamondtim

    diamondtim Well-Known Member

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    Yes!

    I can tell you a little story from when, in a former life, I was an insurance agent.

    I was talking to a nurse about a retirement plan when she told me about her husband who would only buy term insurance (and "invest" - or in reality, spend the difference). He was diagnosed with cancer and because of the treatments was unable to work. Income dropped to nothing and because the term insurance had no cash value to maintain the policy, lapsed the life policy. He died, leaving her with their debts.

    The odds are much higher that you'll become disabled than die early. Just something to think about.
     
  5. donsgal

    donsgal Nohoa Homestead

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    I am self employed and I do not believe it is available, I have never seen a policy that includes self employed. I may be wrong.

    donsgal
     
  6. hoofinitnorth

    hoofinitnorth Well-Known Member

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    I was self-employed and wanted to get it but my husband and I never got a chance to sit down and budget it out. We thought we had time since I am still very young. Big mistake. I'm now disabled and haven't been able to work in over a year. :( Just when my business was taking off and paying down debt/making profits too.

    donsgal - depending on what you do for a living, you may have a group that would offer you disability insurance. Worth checking into.
     
  7. Beeman

    Beeman Well-Known Member

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    Very interesting and probably the reason I have whole life policies with cash values. In most cases whole life policies will pay themselves for many many years after paying in over 5 years just because of the interest they earn.
     
  8. Wags

    Wags Well-Known Member Supporter

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    Yes we have disablity - it runs about $30 a month. Have it on both of us.
     
  9. Jenn

    Jenn Well-Known Member Supporter

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    Can't get it- a parttime female family practice Dr is so high risk for disability from depression etc that noone will offer it almost.

    Nurse and term insurance- tragic- however very stupid and a lesson for us all. Discuss money between couple, and with older parents as they lose their spouse or might decrease their capabilities. Had that nurse known of the term policy she should've made paying it their TOP priority- I expect a bank would even have loaned them $500/year or whatever for several years with a cancer diagnosis and therefore very good odds on paying out on several $1000s.

    Now term insurance can catch you another way: we have it on us from long ago and got a 15 year policy since we'd have all our retirement savings done and the one child launched by then. Enter 2nd DD and now when my level term life ends we'll have another 5-10 years to get her past time we might want to support her (high school/college/grad school). Anyway if I am likely to die soon or if we would come up short if I did, when it expires we'll get anohter policy or continue that term policy despite the increased price after 15 years.
     
  10. Lisa in WA

    Lisa in WA Formerly LisainN.Idaho Supporter

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    My husband got his policy when he was self-employed, but he has kept it in place for many years. He says that particular type of policy is no longer available, at least that he knows of.
     
  11. Beeman

    Beeman Well-Known Member

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    I've got mine thru my employer. Eveyone that has it privately should share the company name.
     
  12. arabian knight

    arabian knight Miniature Horse lover Supporter

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    YES I did through the company I worked for and at a cost of ONLY .75 CENTS a week you bet a I TOOK IT~!! AND now THAT same disability insurance is paying me every month in the amount of $613 ON TOP of what I get from SS Disability, and has been for the last 2 years and will do so for the next 12 years~!!!!
    So I am VERY glad I took it out and it sure has help me these past 2 years get accustomed to being on SS and Medicare. Everybody if possible I would HIGHLY recommend it "Because You Just Never Know" when something might happen.

    Note added:
    This disability insurance also PAID the FULL amount Before I got SS Dis. there is a waiting period in getting SS Dis. and this company PAID me
    It was based on 85% of weekly wage. SO they PAID me in the amount every month $1,645. Then When SS Dis started coming they Subtracted the Amount of SS Dis I was getting and that brought the amount down to 613 BUT KEEPING me at that $1,645. level. Each and every month there after and will do so for the 12 years~! Not including Medicare taken out of SS Dis. they do not cover that amount though. But they also DON"T subtract any raise that comes along in SS Dis either.
    And the company that my work used for this Long Term Disability Insurance is The Hartford. So is IS a good company..
     
  13. donsgal

    donsgal Nohoa Homestead

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    I'm not sure what you mean by group. I do insurance inspections as an independent contractor. I am not eligible for any type of insurance program through the companies that I work for. I don't belong to any other type of organization that would offer it. I haven't checked into "the association for the self-employed" or anything like that though.

    donsgal
     
  14. hoofinitnorth

    hoofinitnorth Well-Known Member

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    donsgal - for instance as an associate member of the Appraisal Institute I was eligible for a group plan from a company like REAGIT. You may have a similar professional association (or even a hobby association) that would offer you a group rate.
     
  15. donsgal

    donsgal Nohoa Homestead

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    I belong to a local board of realtors, so maybe they have something there. I am curious, however, how and WHO determines the "disability" as I do not go to allopathic doctors. The closest I get to them is a chiropractor. It won't do me any good if I have to get a "seal of approval" for a disability from a regular MD. How does that work? Does anybody know?

    donsgal
     
  16. Terri

    Terri Singletree & Weight Loss & Permaculture Moderator Staff Member Supporter

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    MIL had disability insurance.

    In order to collect on it, she had to have been hospitalized for whatever created her disability, and have been formally declared disabled. Her heart attack that ended up with her living with us did NOT count!

    Read the fine print: insurance policies differ.
     
  17. donsgal

    donsgal Nohoa Homestead

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    So what you are saying is that in order to collect on a policy that you have been paying on for oh, umpteen jilliion years, you must allow yourself to be subjected to being poked, prodded, needled, sliced and diced and suffer every possible indignity known to medical science and then *maybe* just *maybe* they "might allow you" to collect your disability? My but they are kind, generous souls.

    No thank you.

    donsgal
     
  18. arabian knight

    arabian knight Miniature Horse lover Supporter

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    Oh not necessarily, I did not have have to go through ANYTHING to collect on mine. Other then the routine doctor visits that I was getting for my RA, and that over a 20 year period. SO I had at least some track record of my RA Condition. All I had to do was send in copies of my medical history over that period of time which was not many. And a letter from my doctors etc. And that was it. After answering a gazillion questions, but that was it. No Special exam required by the insurance company, no hassle at all I was approved for my Long Term Disability Before I had received approval from the SS Office that I was approved by them. No Hassle no complicated forms no waiting time. IN FACT The Week my Medical Leave from work ended and my checks from work ended . THE VERY Next week I received the Partial payment for the rest of that Month and then the following month I received my full coverage of $1600+ in the mail so no complicated hospital visit or anything was required. And now I went under a 2 year review from the LTD and was approved without anything other then a questionnaire and a form for my doctor to fill out and I was approved for years to come.
    So IT DOES depend on just what company you are dealing with too. NOT ALL make you jump through hoops and all~!!!!!!!
     
  19. Dixielee

    Dixielee Well-Known Member

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    I have an appointment with the AFLAC agent next week, as that is who my employer uses. I have no experience with them or any others. Could those who have had good and bad experiences share names of companies so we can be on the look out. Thanks.
     
  20. arabian knight

    arabian knight Miniature Horse lover Supporter

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    The Hartford mine is. Good Company, no hassles.