Comments on: Do I Need A Long Term Disability Income Insurance Policy? What Do I Need To Know?

By: Week in Review: Lose an Hour Edition | Buck$ome Boomer's Journey to Retirement

Sun, 14 Mar 2010 14:12:31 +0000

[...] @ Bible Money Matters and @ Frugal Dad discuss the ins and outs of disability insurance. This is something I’m [...]

By: A trip ’round the blogosphere

A trip ’round the blogosphere — Sat, 13 Mar 2010 22:41:50 +0000

[...] Money Matters talks about disability insurance. I hope people listen up on this [...]

By: David/Yourfinances101

David/Yourfinances101 — Fri, 12 Mar 2010 03:54:56 +0000

Insurance is all a gamble. The insurance company is gambling that you won’t get sick (or hurt) and you are gambling that you will (if you decide to spend money on it). I have always made a point to have health insurance, and since I have had a family, to have long-term disability as well.

To me, its a risk not worth taking

By: Arthur @ FinancialBondage.org

Arthur @ FinancialBondage.org — Thu, 11 Mar 2010 17:00:31 +0000

disability insurance is overlooked by most of us. It’s something we really need. If you become disabled and can no longer work, this insurance protects your greatest asset- your income.

get some quick online quotes at http://www.zanderins.com

By: Lakita

Lakita — Thu, 11 Mar 2010 13:57:01 +0000

Good points Peter! I have this through my employer

By: Abigail

Abigail — Wed, 10 Mar 2010 23:31:16 +0000

Excellent post — not enough people realize that disability is very likely. I personally don’t have much to say on the matter of choosing this kind of insurance. Why? Because I was hit with disability at age 19.

I was stubborn and in complete denial, so I didn’t apply until I was 25 or so. By which point I was completely run down from trying to keep up a level of activity that was physically impossible.

I cannot stress enough how easily this stuff can happen. I had what I thought was a stomach bug, but it was actually something that turned into a life-threatening neurological illness.

Meanwhile, the average disability case takes around 2 years — most lawyers will tell you expect to be denied twice. If you have a lawyer after that, you’ll probably win. But some people go it on their own and the fight takes the better part of a decade!

And the amount is not enough to live on. I am grateful for my checks, don’t get me wrong. But few people in any place can make do with $800 a month. So disability is ABSOLUTELY something you need a contingency plan for.
Abigail´s last post ..Money and self-worth

By: Kevin@OutOfYourRut

Kevin@OutOfYourRut — Wed, 10 Mar 2010 20:42:30 +0000

Disability insurance is the stepchild of the insurance family. We’re all so caught up in keeping the health insurance plans afloat that this one is virtually ignored. Another reason may be the fascination with retirement planning–disability insurance has no place in that, so we assume we’ll out live the need for it.

A hearty thumbs up for taking on a subject that’s mostly ignored in the PF world.
Kevin@OutOfYourRut´s last post ..Why It Might Be Better to OWE on Your State Income Tax Return

By: Evolution Of Wealth

Evolution Of Wealth — Wed, 10 Mar 2010 20:18:02 +0000

I would argue against using online comparisons for disability insurance because there are so many slight variations between policies. In my experience, financial people have the lease understanding of disability insurance than any other area of someone's financial picture. Let's be honest it's the easiest to overlook, because people think that they are covered through their employers. When in fact most aren't or have very minimal coverage through their work. Financially disabilities are a lot harder to handle than death because a disability will come with ongoing medical bills and slow payouts (if you have insurance) versus death which has lump sum bills and payouts. Evolution Of Wealth´s last post ..7 Disability Insurance Add-on Features