What kind of disability insurance do I need to buy?
March 27, 2010 by
Filed under disability insurance
I’m in my early 30’s, do I need disability insurance and what should I be looking for?
How much should I expect to pay for benefits that cover 60% of my income after 90 days? Assuming I am healthy now
Yes, because it’ll never be any cheaper.
The longer the waiting period ( time before benefits start is a big factor in determining cost.) No company will write 1st day coverage, but if you buy a policy with no benefits for the `1st 90 days, the premium drops like a rock. The monthly benefit can be a few hundred dollars, up to 60% of your pay.
How is your health?? If no problems, good. If you have a chronic long term condition such as arthritis, it might cause a problem.
If you’re recovering from a broken leg, no big deal, but if you’re recovering from cancer, that is a problem, at least for a while.
Also, your occupation is a factor. If you are, for example, an accountant, your premium would be lower than that of a bricklayer.
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You’re more likely, at your age, to need disability insurance, than life insurance.
There are two basic types – short term, and long term. If you have an “emergency fund” with six months expenses, don’t bother with the short term.
Be sure you’ve got a “usual and customary” employment clause, and a cost of living increase endorsement, on the long term. Keep in mind, most of the time you can collect on disability, you’ll ALSO qualify for SSDI (independently – one does not automatically mean the other).