DI for Someone Over 66

[jburgmann]

Hey everyone,

I have a 66 year old female who still works out of need and ability. She is in good health but she is concerned about making ends meet if she is out of work due to illness or injury. She is only looking for less then 6 months because after that she will lose her job.

Are there any options available to her?

Thanks in advance.

 

[Cash]

Hey everyone,

I have a 66 year old female who still works out of need and ability. She is in good health but she is concerned about making ends meet if she is out of work due to illness or injury. She is only looking for less then 6 months because after that she will lose her job.

Are there any options available to her?

Thanks in advance.

what do you mean she is only looking for less than six months?

 

[jburgmann]

She is looking for short term disability to replace part of her income for up to 6 months. After that time she would lose her job. If that were to happen her circumstances change and wouldn't be worried with replacing her income. She would just retire and deal with her income as it is. She wants to work as long as she can, but if she is out due to illness or injury she needs something to help replace her income.

 

[scagnt83]

She does not have to stay employed to keep the DI payments going. The fact that she would lose her job after 6 months is the very reason she needs a long term DI benefit... the logic is backwards.
Her job has nothing to do with the scenario. Her income need is what should be looked at. The purpose of DI is so people dont have to "deal with it" and dip into retirement funds early. She needs a proper DI benefit so that she can protect her retirement funds.

 

[jburgmann]

Ok, I see your argument. Can you recommend a company that would accept a 66 year old female in decent health for a DI product that has a short elimination period?

 

[scagnt83]

Ok, I see your argument. Can you recommend a company that would accept a 66 year old female in decent health for a DI product that has a short elimination period?

Possibly Principle, MoO, or Ameritas.

Petersen will but it will be more expensive vs. the others if they will go to age 70 for her. But I think that Petersen will go out to age 75.

What is her occupation?

Also, if you have a long term benefit you shouldnt worry about a short term elim imo unless she just wants one... but that will really jack up the price. I would look at a 90day elim, 60 max.
If she has to dip into retirement savings 2 or 3 months should not be a big deal. What would be a big deal is having to use retirement savings for 2-3 years when she could have been earning income and still saving for retirement...

 

[jburgmann]

Possibly Principle, MoO, or Ameritas.

Petersen will but it will be more expensive vs. the others if they will go to age 70 for her. But I think that Petersen will go out to age 75.

What is her occupation?

Also, if you have a long term benefit you shouldnt worry about a short term elim imo unless she just wants one... but that will really jack up the price. I would look at a 90day elim, 60 max.
If she has to dip into retirement savings 2 or 3 months should not be a big deal. What would be a big deal is having to use retirement savings for 2-3 years when she could have been earning income and still saving for retirement...

I looked at MOO, they can do the ST, but LT only pays to age 67, so that wouldn't work. I am not familiar with the other two.

She is a product inspector at a foam product factory. She sits most of the day and inspects the product before final completion. She does not lift over 5 pounds for work and no real repetitive actions. Not a bad job for someone her age.

What do you suggest for a LT product with a 60-90 day elimination period?

Thanks.

 

[scagnt83]

I looked at MOO, they can do the ST, but LT only pays to age 67, so that wouldn't work. I am not familiar with the other two.

She is a product inspector at a foam product factory. She sits most of the day and inspects the product before final completion. She does not lift over 5 pounds for work and no real repetitive actions. Not a bad job for someone her age.

What do you suggest for a LT product with a 60-90 day elimination period?

Thanks.

I know for a fact that Ameritas goes to age 70.

Principle & MetLife would be the other 2 I would look at.

If you want coverage past age 70 then Petersen Int will be your only choice.

 

[Zahra]

As far as I can tell, Mutual of Omaha will issue disability only to people who are 61 or younger. Is your information different? I think the age at issue is the problem here.

 

[dgoldenz]

Given occupation, age, probable income amount, and cost of coverage, I would move on to another one. Can't imagine a 66 year old with manual labor duties getting approved for a DI policy...chances are probably between slim and none.