Debating about disability insurance
I got a quote recently on disability insurance for both myself and my husband, but I haven’t made up my mind yet what I want to do. To get it for myself comes to about $120 per month, and it would cover my salary until I turn 65 in the event that I’m unable to do my particular job due to a disability. It also includes cost of living increases.
My husband’s policy would be significantly cheaper. Apparently disability insurance is just about the only kind of insurance that’s actually less expensive for men. According to the sales rep, this is because women are more likely to become disabled during their lifetime, because women have the potential for reproductive issues which can also lead to disability, and because men who become disabled often don’t report it. (That last bit sounds a little odd to me, but I guess insurance companies have good reason to know those sorts of things.)
I’m really leaning toward getting it, but haven’t made up my mind for certain. Part of the reason for that is because we both already have disability coverage through our employer, which lasts for 2 years if we become disabled. I guess I may as well make a decision soon though. I do believe that health insurance, disability insurance, long term care insurance, and life insurance are all exceedingly important things to have.
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October 17th, 2007 at 10:49 am
I’m not sure if you are looking for opinions/advice here? I’ll just throw out my thinking on the subject in case you are interested. If not, please disregard.
I think a good way to a decision like this is: Figure out if you become permanently disabled, whether you can survive with the current plan that is in place (whether through work or otherwise). If that’s doable and one can imagine a decent financial life under those circumstances and the dis. plan doesn’t add anything really significant for what it costs, then it could maybe be skipped.
But for many people, a 2 year plan wouldn’t be enough to live on till retirement if they were permanently disabled say one or two decades before that, and thus an additional plan would be essential.
Good luck in making your choice. I’d love to learn what you decide.
October 17th, 2007 at 9:49 pm
That’s a very good point m, thanks for the input :)
October 18th, 2007 at 11:08 am
Can I ask what companies you received quotes from?
October 18th, 2007 at 12:48 pm
So far just Metlife. I still need to get another quote or two.