Do you sign up for short term and long term disability insurance? Is cancer supplemental insurance a waste of money?

Similar questions: sign short term long disability insurance cancer supplemental waste money.

Statistically, 90% of all disabilities terminate within 90 days. So this means, very few disabilities actually last longer than the 90 day elimination period in most affordable disability policies. The reason some buys LTD is in case they are in the 10%.

Short term disability usually starts within 14 days and pays for 6 months. This has a much higher probability of paying a claim, but is not a substitute for long term protection. Also, most states offer some form of short term disability.So the problem is cost.

If someone buys short term to supplement the state SDI and then looks at LTD, they might opt out of the LTD for the short term coverage, to safe money. This could be a very expensive proposition. I much prefer critical illness insurance to cancer insurance.

While there is a high incidence of cancer, it is not as high as the combination of the top 5 illnesses covered by critical illness. So why NOT cover all five for a small additional incremental cost. The probability is much higher you will collect.

This is just my assessment of the relative merits and risks of the three products based on many years in the fin svcs field. But it is how I view the options. Hope this helps.

LTD could be the most valuable insurance an employee owns. GoldenLion 12 months ago .

It is not very expensive as a group product. But most companies are now spending so much on health insurance, dental and vision that there are not many benefit dollars left over for LTD. I would think, LTD probably has the lowest risk of happening of all the coverages offered by an employer.So they are probably playing the percentages.

Also, not many agents talk about it - so the employer may not even know it exists.

As an employee,ltd is critical GoldenLion 12 months ago .

I agree. But you asked why it isn't offered by every er and I am speculating because it is lower on their priority of immediate needs.

Your right. Companies are tight on cash. Should I buy supplemental insurance like Afliac for Long term disability insurance?

GoldenLion 9 months ago .

1. ERISA affords great protection to the insurance company and almost none to you, the insured2. Make sure you have both short term and long term disability benefits3. Some policies provide that under the "Any Occupation" standard, the worker must still be able to earn some percentage, usually between 60 to 80 percent, of their former salarydisabilitydenials.com/choosing-disabilit... GoldenLion 9 months ago html.

A friend of mine fell about a month ago and did not have disability insurance, so I have been researching this a lot lately. This article was so helpful- answered a lot of my questions. I'm definitely going to purchase a policy soon.

Living without disability insurance is a lot scarier once you have seen first-hand how hard an injury can be without it. Another article I found helpful is bit.ly/DisabilityInsurance.

Thanks for the article. GoldenLion 9 months ago .

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Health insurance - short term for 1 month needed! Need advice!

Can you collect disability insurance from your job and another insurance company.

My brother in law has cancer. He has no insurance. How can I raise money to help him & his family?

Please help!

Thanks for the article. Davepamn 54 months ago.

Thanks for the article. Davepamn 58 months ago.

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