Hi all,
Are there any disability policies for the self-employed?
Thanks, Crossbreed
Total Comments: 16
Posted: Sun Jun 28, 2009 10:13 pm Post Subject: Waiting Period
It is possible to get a waiting period as short as 7 days but the premium can be much higher than if you are able to wait longer. Also, it is important to understand what the term "total disability" means. It can mean unable to perform the "standard and material duties" of your job or it may be unable to perform "any occupation."
The first one is the best. Under the second if you can do any work at all you aren't totally disabled.
Posted: Mon Jun 29, 2009 12:00 am Post Subject:
It is possible to get a waiting period as short as 7 days but the premium can be much higher than if you are able to wait longer.
Can you name one insurance company that has a quality long term disability contract that has a waiting period this short? I can't.
Also, it is important to understand what the term "total disability" means. It can mean unable to perform the "standard and material duties" of your job or it may be unable to perform "any occupation."
The first one is the best. Under the second if you can do any work at all you aren't totally disabled.
It is important to understand what is meant by "total disability". It is also equally important to understand what is meant by my many other terms in the contract. "Any occupation" does not mean that if you can do any work at all you are not totally disabled.
Posted: Mon Jun 29, 2009 11:33 am Post Subject:
Hi wdrazek ,
It can mean unable to perform the "standard and material duties" of your job or it may be unable to perform "any occupation."
Does the premium level vary too with the options? I guess since policies with "any occupation" rule have stricter qualifying criteria, it'd have lower premium rate.
Posted: Mon Jun 29, 2009 12:07 pm Post Subject:
Does the premium level vary too with the options? I guess since policies with "any occupation" rule have stricter qualifying criteria, it'd have lower premium rate.
Yes. In general, the better the policy, the more expensive the premium.
Posted: Thu Aug 06, 2009 05:31 am Post Subject:
What type of benefit period do you typically recommend?
We were taught that all policies should go to age 65. But after experiencing a nasty illness myself, I can definitely see the value in the 2 year benefit policies.
Posted: Fri Aug 07, 2009 04:39 pm Post Subject:
To age 65 is what I usually do. However, this isn't always possible. The dollars involved or health issues may preclude this from being done. I have a fair amount of policies on the books that are for 5 years.
Posted: Sun Jun 28, 2009 10:13 pm Post Subject: Waiting Period
It is possible to get a waiting period as short as 7 days but the premium can be much higher than if you are able to wait longer. Also, it is important to understand what the term "total disability" means. It can mean unable to perform the "standard and material duties" of your job or it may be unable to perform "any occupation."
The first one is the best. Under the second if you can do any work at all you aren't totally disabled.
Posted: Mon Jun 29, 2009 12:00 am Post Subject:
It is possible to get a waiting period as short as 7 days but the premium can be much higher than if you are able to wait longer.
Can you name one insurance company that has a quality long term disability contract that has a waiting period this short? I can't.
Also, it is important to understand what the term "total disability" means. It can mean unable to perform the "standard and material duties" of your job or it may be unable to perform "any occupation."
The first one is the best. Under the second if you can do any work at all you aren't totally disabled.
It is important to understand what is meant by "total disability". It is also equally important to understand what is meant by my many other terms in the contract. "Any occupation" does not mean that if you can do any work at all you are not totally disabled.
Posted: Mon Jun 29, 2009 11:33 am Post Subject:
Hi wdrazek ,
It can mean unable to perform the "standard and material duties" of your job or it may be unable to perform "any occupation."
Does the premium level vary too with the options? I guess since policies with "any occupation" rule have stricter qualifying criteria, it'd have lower premium rate.
Posted: Mon Jun 29, 2009 12:07 pm Post Subject:
Does the premium level vary too with the options? I guess since policies with "any occupation" rule have stricter qualifying criteria, it'd have lower premium rate.
Yes. In general, the better the policy, the more expensive the premium.
Posted: Thu Aug 06, 2009 05:31 am Post Subject:
What type of benefit period do you typically recommend?
We were taught that all policies should go to age 65. But after experiencing a nasty illness myself, I can definitely see the value in the 2 year benefit policies.
Posted: Fri Aug 07, 2009 04:39 pm Post Subject:
To age 65 is what I usually do. However, this isn't always possible. The dollars involved or health issues may preclude this from being done. I have a fair amount of policies on the books that are for 5 years.
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