Launching: Disability Insurance

jym626
Mon, 24 Oct 2016 11:44:32 +0000

VH gives excellent advice. The disability policies aren’t what they used to be. Harder to find the “own occ (your occ)” policies. I had 2 of them- one as a professional and one as owner of the company (something like that - business executive or something). At any rate, these were purchased probably in the 80’s and they don’t make 'em like they used to. When I semi-retired and given that the coverage was based on my income (which was now significantly different from when I worked fulltime) I decided to cancel the policies. I am glad I had them, though fortunately never needed them. I was self employed, so did not have the option of any other employer-sponsored coverage. DH has relied solely on employer plans, but declined the option to purchase the additional coverage when it was an option.
Not sure if either of my s’s has coverage above and beyond what their employer offers. But their employer is pretty generous, so hopefully they are reasonably well protected/covered.

Good luck with the decision.