Disability insurance

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PostPosted: Fri Jul 11, 2008 6:45 pm   Post subject: Disability insurance  

What is the best age to buy a disability insurance? Is there such term as short term disability insurance and long term disability insurance? What are the main factors that can affect your premium rate in your disability insurance policy?

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PostPosted: Sat Jul 19, 2008 10:37 pm   Post subject:   

Hi Joven



I don't think that there is a best age. The younger the better of course. But it should be purchased as soon as there is an income from a stable job to protect. That may be at age 18 (working full time out of high school) or age 30 (after finally graduating university)



Even if you have group disability insurance through work you should get an individual policy to fill the gaps from excusions and limitations. I wrote about this recently at: canada-insurance-source.com/Supplemental-Disability-Insurance.html



Short term disability insurance can start on the first day or first week of a disability. It normally pays a benefit based on a percentage of your normal weekly income.



Long Term disability starts after a waiting period (Called the elimination period) has been satisfied. This is usually 30, 60 or 90 days but can be longer. The income received is also based on a percentage of your income up to a certain maximum.



In my experience the biggest factors affecting the rate (aside from overall quality of the plan and the definition of disability) are the elimination period, the benefit amount, the occupation of the insured (this is big), smoking status and overall health.



I hope that helps!



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PostPosted: Mon Jul 28, 2008 1:20 am   Post subject:   

I agree with you, you can be hurt at any age, so having the insurance in place at the earliest age is the best deal. You can also buy insurance on individual bills.

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PostPosted: Mon Jul 28, 2008 11:03 am   Post subject:   

I don't think age has got anything to do with applying for disability insurance...rather I believe its the probability of running into risks thats the key deciding factor of its necessity through a particular phase in a person's life..Even if you're a teenager & involved in a manufacturing or production process wherein you have an element of life risk...go for disability insurance.


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PostPosted: Fri Aug 08, 2008 3:31 am   Post subject:   

The right age is this age, if you are not insured. Disability insurance is one of the most overlooked, but needed type of insurance.



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PostPosted: Fri Aug 08, 2008 6:11 am   Post subject:   

Quote:
Disability insurance is one of the most overlooked, but needed type of insurance.




I fully agree with Alston. Disability insurance is important, yet neglected form of insurance.



Some may feel that the chances of becoming disabled increases with the age, when it is only partially true. The reality is that average Americans face more threat of suffering disability during their young age. Every three out of ten Americans are exposed to the risk of becoming disabled before attaining their retirement age. Hence, the figure itself depicts the importance of purchasing disability insurance.



The disability insurance will partially cover the income of the individual that he/she may lose during the phase of disability.



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PostPosted: Thu Jan 22, 2009 4:08 pm   Post subject:   

Quote:
What is the best age to buy a disability insurance? Is there such term as short term disability insurance and long term disability insurance? What are the main factors that can affect your premium rate in your disability insurance policy?




The best age to buy disability insurance is your age now, unless you are in your 60's.



There are both short term disability and long term disability insurance policies available. Most employers provide short term disability coverage in their group insurance program. You may already have it.



Disability insurance can be designed with varying waiting periods and benefit periods. The shorter the waiting period or the longer the benefit period has a significant effect on the cost.


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PostPosted: Fri Jan 23, 2009 12:46 am   Post subject:   

What is considered a waiting period in disability insurance? Is this the time it takes to actually get the insurance or the time a person would have to wait after becoming disabled to get benefits?

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PostPosted: Fri Jan 23, 2009 1:06 am   Post subject:   

The waiting period is the time you are disabled before you start becoming eligible for benefits. If you have a three month waiting period and you are disabled for exactly three months you will not receive any benefits. If you are disabled for four months, you will be eligible for one month's worth of benefits.



Since your claim will need to be filed and processed before you will receive any funds, you probably won't receive your first check until about 2 months after the end of your waiting period.



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PostPosted: Fri Jan 23, 2009 2:24 am   Post subject:   

The waiting period in a disability policy is also known as "elimination period" and Alston is correct in his explanation.



The first check is normally mailed within 30 days after the elimination period has been satisfied and the claim has been properly filed.



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PostPosted: Fri Feb 13, 2009 2:59 am   Post subject:   

maze, why not if you are in your 60's??

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PostPosted: Fri Feb 13, 2009 7:39 am   Post subject:   

Quote:
The shorter the waiting period or the longer the benefit period has a significant effect on the cost.


So, for shorter waiting periods the premiums are usually gonnabe higher...then do I suppose the same for longer benefit periods!

Or is there an exception to such cases?

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PostPosted: Fri Feb 13, 2009 7:47 am   Post subject:   

The studies show that one is at greater risk of becoming disabled before he/she reaches to sixty. Both short term and long term disabilities can occur to someone resulting in loss of work and income. Therefore, one might not undervalue the importance of disability insurance at yearly age.



It becomes all more important if you are engaged in high risk job. Loads of health issues just surface with the age and you may find yourself uninsurable at the age of sixty.

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PostPosted: Sat Feb 14, 2009 9:09 am   Post subject:   

Quote:
maze, why not if you are in your 60's??




Hi goodnatured



Although you have asked Maze in particular, I felt really tempted to answer. Disability insurance is meant to replace the income(partly or in some cases fully) that you would otherwise have generated had you been in a state to go to work. The benefits of disability insurance last for a specific number of years or until the time you retire which is in your 60s. Now, this limit is considered because once you retire, you will anyways not be dependent on your income and disability insurance is meant only to replace partly the money that you generate from your income.



Hence, there is no point trying to look for disability insurance if you have reached your 60s. I'm sure Maze will be around to answer your question Smile


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PostPosted: Mon Feb 16, 2009 11:20 am   Post subject: insurance  

As I'm reading the above posts, I don't think I saw that anyone had said if you file for DI, that you have to PROVE you are Disabled in some way. In my 'field' you can't just file for DI and expect to get it. The 'clients' that I have had to have written statements from their Doctors and Specialists ( if needed) to 'at least 'qualify'.

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