I’m about to start looking into disability insurance. I’m not incorporated so if I ever got hurt my W/C insurance wouldn’t cover me. Even if it did, it tops out at a number that would help, but wouldn’t stop the bleeding.
Anyone know offhand about what this sort of insurance costs for someone in the trades? I assume it would be more expensive for me, than say, a computer programmer. Now that I think about it, this probably isn’t a question anyone can answer for me from cyber space. Regardless, any info is appreciated.
I would also like to hear of companies that any of you have disability policies with and are pleased with. I’m going to head over to the AFLAC website now and see what gives.
Actually…. I’m curious to hear any of your insights on that matter.
TIA,
Brian
Replies
Yea - My payent is due now. I pay $500 a year. I was a carpenter when I first got the insurance. That is for a benefit of $1000 a month for life. It also gives me $25k of life insuance. I pay an additional $500 for sickness insurance, but if were to need it, it would only pay for a year ($1k/mo).
I'd guess that I'm 15 years older than you - which I bet matters.
BTW - I had a thread at this time last year where it was discussed at least somewhat in depth.
Thanks Matt, I'll run a search.
Do you mean that if you got hurt... the insurance would pay for only one year? Or that the sickness insurance would pay for only one year? Or both?
EDIT: One more question.... would you have to be out of work for a specific length of time before it pays off? What I mean is, say you had a broken ankle with a relatively short recovery time of one month and then you'd be back to work. Will it pay for a one month disability or is there a minimum like 60 days or something?
Edited 10/20/2005 8:00 pm ET by dieselpig
2 seperate parts to the policy:
Disability insurance: If I get hurt on the job or at home and I am out of work for 7 continious days and can't go back to work, I get $1000 a month for the rest of my life. I'm sure there is a bunch of fine print about what constitutes fully disabled, etc.
Sickness insurance: If I am sick and out of work for 30 days, I can collect $1000 a month for up to a year.
Can't say how goodd the insurance really is as I have not had to collect on it. I guess that is the only way to find out :-) :-(
Well, I hope you don't ever have to find out. Thanks for the pointers Matt. I'm slogging through the archives now on the topic. You're right, it's been discussed quite a few times here. I shoulda known better.
Thanks again.
I've looked into disability insurance a couple of times and never bought... it's not cheap. The cost is related to what you do, how old you are, how much you want paid to you per month (which is limited by how much you actually make), and how long you wait before the payouts start. You can easily get rates online or thru your insurance broker. Don't let them know you're into base jumping on weekends.
It's worthwhile to me to be covered by WC. I'm technically a corporate officer and had to elect to be covered--the default is no coverage. It costs a fair amount but has medical care and long term disability components, and hey... I'm a construction worker, it's not out of the question to need both.
Brian,
I have been looking also. One thing I have found out for sure is that the longer you are willing to wait before the payments start, the rates go way down. If you think you can live for 6 months on your savings etc before the disability insurance would have to start paying, the rates are very reasonable. I am only looking for the type that would cover me due to sickness as I am covered by workmans comp for on the job injuries.
Bill Koustenis
Advanced Automotive Machine
Waldorf Md
Dieselpig - Ask yourself, do you really need the insurance? I go "bare" and invest my funds into other areas that give me guaranteed income in all circumstances. (you asked for all points of view.) Don K.
I have a friend who works for the insurance agency, when I told him that I would like to get disability insurance he said " that he would look for it, i'll call you with some numbers" he ask me do you want 30 day, 60 day or 1 year and the amount of money you want a month, I said "3500 a month" any who the policy was 30 day, payed $3500 month and the policy was $2400 a year. I sayed that I would like do it but money is tight...that was 3 years ago...I had a massive stroke 2.5 year ago :(
so a disability ins. might be expense but well worth it... I am a 34 year old Remodeling Contractor...