Launching: Disability Insurance

twoinanddone
Wed, 26 Oct 2016 04:03:08 +0000

We ended up with a policy written that way, and it was very affordable

Most insurers do not offer personalized plans. They sell what they sell. If you want a personalized policy you have to go to Lloyd’s or another non-US insurer as any US policy would have to be approved by the state department of insurance and it would cost way too much to submit every single policy with actuary support for premium amounts, truncated to the exact months you get paid for (term not matching the triggering event).

Paying $150/ ($1800/yr) for disability on $4500 is high. Look at what they will pay, for what term, what constitutes ‘disabled’, exclusion periods. We used to joke that we wouldn’t be considered disabled as long as they could wheel us to our desks and prop a dictaphone under our chins. If you are a longshoreman, you might not be able to work with a broken arm, but if you work at a desk you might not be disabled under the terms of the policy.