What are the kinds of disability insurance I can buy. need i

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PostPosted: Wed Sep 28, 2011 7:05 am   Post subject: What are the kinds of disability insurance I can buy. need i  

I’m going to get a disability insurance for myself as I’m hearing it’s very important. I would like to know the types of disability insurances. Thanks in advance for any comments.


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RichardBrown
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PostPosted: Wed Sep 28, 2011 10:24 am   Post subject:   

It is really important to get a disability insurance to cover any future risks.



There are two types of disability policies, namely 1. Short-Term Disability (STD), 2. Long-Term Disability (LTD).

Short term disability policies have benefit period for up to two years.

Whereas the long term ones have a benefit period ranging from a few years to the rest of your life.



Also while purchasing a disability insurance, there are several additional options that you may consider.

These are Cost of living adjustment (COLA), Residual or partial disability rider, Return of Premium, Waiver of Premium etc.

Ask a good agent and know in details what all benefits you can get that best suits your needs.


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jane.ross
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PostPosted: Wed Sep 28, 2011 1:02 pm   Post subject:   

"Disability" insurance also includes health insurance and long term care insurance, not merely disability income insurance. There are also "specialized" policies known as "supplemental benefits" (think AFLAC) and "specified disease" (or critical illness) policies with limited benefits.



Each type of policy serves a particular need. There is no

"one perfect product" that meets all needs.



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MaxHerr
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MaxHerr
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PostPosted: Wed Sep 28, 2011 3:14 pm   Post subject:   

"Disability" insurance does not include health insurance and long term care insurance.



Instead, health insurance includes disability insurance and long term care insurance.


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correcting max
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PostPosted: Thu Sep 29, 2011 1:20 am   Post subject:   

How do you figure that? The standard "class" of insurance is DISABILITY INSURANCE, which includes all manner of disability products. Define "disability", and see what you come up with.



You have no idea what you are talking about. Here is Section 100 of the California Insurance Code:



100. Insurance in this state is divided into the following classes:

(1) Life

(2) Fire

(3) Marine

(4) Title

(5) Surety

(6) Disability

(7) Plate glass

( 8 ) Liability

(9) Workmen's compensation

(10) Common carrier liability

(11) Boiler and machinery

(12) Burglary

(13) Credit

(14) Sprinkler

(15) Team and vehicle

(16) Automobile

(17) Mortgage

(18 ) Aircraft

(19) Mortgage guaranty

(19.5) Insolvency

(19.6) Legal insurance

(20) Miscellaneous



See health insurance in the list? No, because it is defined within the DISABILITY class.



Crawl back under your rock.



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CA-licensed Life & Disability Analyst. CA Insurance Lic #0596197. Also investigating insurance company abuses, and providing litigation support/expert witness services. Send me your questions, and I'll send you my answers.
MaxHerr
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MaxHerr
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PostPosted: Thu Sep 29, 2011 10:58 am   Post subject:   

Max,



Unlike you, I have no problem admitting when I'm wrong. You are correct for the state of CA. Thanks for teachng me something.


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fjavms
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PostPosted: Thu Sep 29, 2011 8:33 pm   Post subject:   

It's not just California. And you're welcome.



_________________

CA-licensed Life & Disability Analyst. CA Insurance Lic #0596197. Also investigating insurance company abuses, and providing litigation support/expert witness services. Send me your questions, and I'll send you my answers.
MaxHerr
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MaxHerr
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Location: Pomona CA
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