Looking for a Disabillity Plan for Myself.

Discussion in 'Disability Insurance Forum' started by Ksutton, Jul 1, 2016.

  1. Ksutton
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    Ksutton Well-Known Member

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    I'm an Indy Life producer - I'm looking for a short and long term disability plan (to insure myself ). Located near Pittsburgh Pa .

    Pm me please. Thanks .
     
  2. danerlavigne
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    danerlavigne Active Member

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    I don't have access to much regarding disability, but I do know that you will want to find "own occupation" disability if you can.
     
  3. Tahoe Ray
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    Tahoe Ray Well-Known Member

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    I sent you one.
     
  4. pcbinsurance
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    pcbinsurance Well-Known Member

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    **********
    Why did you dig up this "one question thread" from a month and a half ago, if you can't help? Are you just padding your posts? Ease up on the pedal there...you'll be able to post links soon enough.
    :nah:
     
  5. Tahoe Ray
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    Tahoe Ray Well-Known Member

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    lol...I should have caught that. Sorry Ksutton...hopefully you're all set by now.
     
  6. pcbinsurance
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    pcbinsurance Well-Known Member

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    Chances are he hasn't purchased that policy yet and you actually helped him with exactly what he was looking for! The other guy/gal, uh, not so much.
     
  7. HoosierLife
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    HoosierLife Well-Known Member

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    Why start a new thread when you can bump one. I'm looking for the same thing. What kind of "own occ" policies are out there for short/long term disability?

    If you pay more premium do you just get more $$ when you're considered disabled?

    A discussion is fine as I'm not looking to purchase until the end of the year, but any PMs would be fine.
     
  8. NWBenefitProvider
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    NWBenefitProvider Well-Known Member

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    Hoosier,

    Likely the only options for short term individual DI is going to be something like AFLAC. In my opinion, don't bother with short term, just make sure you have some cash set aside to weather a short storm.

    Long term is what you really need to worry about. As for "own occ" definitions, they vary by company, so you must read the fine print.

    I really like the "transitional occupation" definition that Principal uses. too detailed to cover here, but look it up or PM me if you want to discuss.

    Your benefit amount is going to be determined by several factors: Your occupation, age, health, etc. Most companies will insure up to about 50% of your pre-disability earnings. So, if you earn $100,000 per year, expect to top out at a monthly benefit of $4,000-$5,000.

    Other things that impact the monthly premium are going to be waiting period and benefit duration. Common is a 90 day waiting period and benefits payable to age 65. Other variations are available that can lower or increase cost.

    Lastly, there are riders like cost of living adjustment, catastrophic injury, residual disability, etc. These can add substantial cost too.

    Start with a basic policy covering the monthly amount you want and see how the premiums look. If you can, add appropriate riders. Better to have something instead of nothing.

    Get an illustration and I'd be happy to walk you through it. I have no interest in writing it, but am happy to help.

    Good luck.
     
  9. scagnt83
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    scagnt83 Well-Known Member

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    Hoosier,
    The short answer is to sell yourself a policy from Guardian Life. Best policy on the market hands down imo. Email me if you want some help with quotes/illustrations.

    Guardian cost more than others but often less than certain others as well. But the policy is more comprehensive than the others last I did a serious comparison of all major carriers.



    Paying more premium gets you a longer duration of benefits, a higher monthly benefit, a shorter waiting period, or added Riders such as COLA, Residual, etc.


    NW is incorrect about STD carriers in my opinion. There are MUCH better options than Aflac. However, I do agree that it is largely not needed. Put some money in a savings account to cover 3 months income... same as a STD plan.

    Mutual of Omaha has one of the best STD plans on the market. They are my go to for STD (which I have sold maybe 3 or 4 times in my entire career, just because people insisted on it).
     
  10. NWBenefitProvider
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    NWBenefitProvider Well-Known Member

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    Scant83 - Is the Mutual of Omaha STD plan available for a single person? I just haven't come across any companies offering a stand alone STD plan for an individual other than AFLAC. As I mentioned, I don't think it is a great benefit in most cases, but am certainly willing to expand my horizon if there are other carriers that offer a better product.

    As for your recommendation for Guardian, they certainly are one of the best out there, but I often use them for specialty like surgeons, urologists, etc. It seems like it might be a bit overkill for a non specialty occupation like insurance agent. I guess if you have the money and want the best of the best it is great, but I believe other carriers have started to nip away at the Guardian differential.
     

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