Seeking advice on disability insurance

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PostPosted: Mon Feb 13, 2006 9:09 am   Post subject: Seeking advice on disability insurance  

I am a spinster, and a teacher by profession. I am seeking your advice on disability insurance.

I just wanted to know whether disability insurance would be an absolute necessity to my life. I've been going through some long-term DI related articles. Probably, since I am also relying on anti-anxiety medicines, I won't be subject to more than a 10 year policy/5 year of my occupation. I don't think its wise paying $200 worth of premium a month. Also I would like to figure out the possibilities of my state teacher pension benefit. I had a notion that the most I could receive out of my policy being a graded policy would be around $1700. I also got a piece of information, stating that Assurity was probably the only company out there that could cover me.

I am in need of your valuable suggestions, as to where I should begin my search and where I would be heading. Thanks in advance.

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Rebecca King

PostPosted: Mon Feb 13, 2006 11:50 am   Post subject: Reduce Your Expenses  

Perhaps the State Teachers Retirement System would be of some help to you, incase you are not in your state. All the teachers in our state are enjoying the benefits of a disability retirement benefit, that falls under this system. In the event of disability, they are entitled to receive 50% of their high years pay on a taxable basis. You would need to go through the coverages you already have and ought to check if your school system has any such additional coverage for you. If not, you could always go through your own policy and look for programmes which might effectively reduce your expenses to a large extent, thereby enabling you to save more.

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PostPosted: Tue Feb 14, 2006 4:17 am   Post subject: group plans  

Seeking advice from an expert broker would certainly enable you to take decisions more confidently. The carriers would obviously restrict whatever they have to write to you incase they come to know that you are on anti-anxiety medicines. Good coverages with solid insurers might be limited for the time, but they would surely reconsider your case, when you are off medications or if you could prove that your condition is stable for a considerable period of time. You would also need to keep a tag of the benefits that are offered through your teachers' association, union etc. from time to time.

I usually don't prefer group plans, but they might be a better option for you, particularly under the present conditions.

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