Pricing long-term disability insurance?

[edna_mode]

Hi all, I am joining a new employer who offers the option of increasing long-term disability (LTD) from 50% of pay to either 60 or 65% of pay, but I would pay the premiums for the “extra” LTD. (for reference, my old employer paid for 60% LTD in full).

Is anyone aware of any actuarial tables or resources I could use to figure out what market rates are or calculate what is a “fair” price for the extra insurance? For example, is it worth paying 0.67% or 0.8% in premiums per year for this coverage? (example: let’s say it’s $100/year for $10,000/year extra LTD income, which would be 1% in premiums).

thanks!

[patb]

Doesn’t matter.

Take it

If you pay it’s tax free and you need disability more then you need life.

Trust me your e mployer already price shopped, just take the de al

[patb]

Doesn’t matter.

Take it

If you pay it’s tax free and you need disability more then you need life.

Trust me your e mployer already price shopped, just take the de al

[patb]

Doesn’t matter.

Take it

If you pay it’s tax free and you need disability more then you need life.

Trust me your e mployer already price shopped, just take the de al

[patb]

Doesn’t matter.

Take it

If you pay it’s tax free and you need disability more then you need life.

Trust me your e mployer already price shopped, just take the de al

[patb]

Doesn’t matter.

Take it

If you pay it’s tax free and you need disability more then you need life.

Trust me your e mployer already price shopped, just take the de al

[BWell_SoCal]

Make sure to read the fine print. Most group policies pay only 60% of base salary if disabled. So, if you have overtime income or bonus income that you depend on, the group policies are lacking in coverage. Also, since the employer pays the premiums, your disability payments are taxed. And lastly, the term ‘disabled’ is usually not worded to your benefit in group disability policies and might only cover two years of disability and then they will expect you to find a job that you can do with your disability.

The best bet is to buy an individual disability policy from the likes of Guardian or some other insurance provider with true “own occupation” protection. Either opt out of the group coverage provided by your employer and buy a individual policy or buy enough individual coverage to supplement the income that is not protected by the group policy.

Hope this helps.

[BWell_SoCal]

Make sure to read the fine print. Most group policies pay only 60% of base salary if disabled. So, if you have overtime income or bonus income that you depend on, the group policies are lacking in coverage. Also, since the employer pays the premiums, your disability payments are taxed. And lastly, the term ‘disabled’ is usually not worded to your benefit in group disability policies and might only cover two years of disability and then they will expect you to find a job that you can do with your disability.

The best bet is to buy an individual disability policy from the likes of Guardian or some other insurance provider with true “own occupation” protection. Either opt out of the group coverage provided by your employer and buy a individual policy or buy enough individual coverage to supplement the income that is not protected by the group policy.

Hope this helps.

[BWell_SoCal]

Make sure to read the fine print. Most group policies pay only 60% of base salary if disabled. So, if you have overtime income or bonus income that you depend on, the group policies are lacking in coverage. Also, since the employer pays the premiums, your disability payments are taxed. And lastly, the term ‘disabled’ is usually not worded to your benefit in group disability policies and might only cover two years of disability and then they will expect you to find a job that you can do with your disability.

The best bet is to buy an individual disability policy from the likes of Guardian or some other insurance provider with true “own occupation” protection. Either opt out of the group coverage provided by your employer and buy a individual policy or buy enough individual coverage to supplement the income that is not protected by the group policy.

Hope this helps.

[BWell_SoCal]

Make sure to read the fine print. Most group policies pay only 60% of base salary if disabled. So, if you have overtime income or bonus income that you depend on, the group policies are lacking in coverage. Also, since the employer pays the premiums, your disability payments are taxed. And lastly, the term ‘disabled’ is usually not worded to your benefit in group disability policies and might only cover two years of disability and then they will expect you to find a job that you can do with your disability.

The best bet is to buy an individual disability policy from the likes of Guardian or some other insurance provider with true “own occupation” protection. Either opt out of the group coverage provided by your employer and buy a individual policy or buy enough individual coverage to supplement the income that is not protected by the group policy.

Hope this helps.

[BWell_SoCal]

Make sure to read the fine print. Most group policies pay only 60% of base salary if disabled. So, if you have overtime income or bonus income that you depend on, the group policies are lacking in coverage. Also, since the employer pays the premiums, your disability payments are taxed. And lastly, the term ‘disabled’ is usually not worded to your benefit in group disability policies and might only cover two years of disability and then they will expect you to find a job that you can do with your disability.

The best bet is to buy an individual disability policy from the likes of Guardian or some other insurance provider with true “own occupation” protection. Either opt out of the group coverage provided by your employer and buy a individual policy or buy enough individual coverage to supplement the income that is not protected by the group policy.

Hope this helps.

[danielwis]

Make sure you take it and do not delay. I was healthy, and come from a healthy family. Grandparents lived to be very old. Parents are elderly and doing fine. I thought about buying disability insurance but never took the step, feeling I was a picture of health. I even had the forms sitting in my office and thought I’d eventually “get to it”.

I awoke one morning with some pretty significant neurological symptoms. I was admitted to the hospital and two days later was told I have MS. The MS is in remission and I am doing well, but I can no longer get disability insurance. The silver lining for me, I guess, is that I am saving like there might not be a work day tomorrow. I am working and doing well, but not having disability insurance is troubling.

[danielwis]

Make sure you take it and do not delay. I was healthy, and come from a healthy family. Grandparents lived to be very old. Parents are elderly and doing fine. I thought about buying disability insurance but never took the step, feeling I was a picture of health. I even had the forms sitting in my office and thought I’d eventually “get to it”.

I awoke one morning with some pretty significant neurological symptoms. I was admitted to the hospital and two days later was told I have MS. The MS is in remission and I am doing well, but I can no longer get disability insurance. The silver lining for me, I guess, is that I am saving like there might not be a work day tomorrow. I am working and doing well, but not having disability insurance is troubling.

[danielwis]

Make sure you take it and do not delay. I was healthy, and come from a healthy family. Grandparents lived to be very old. Parents are elderly and doing fine. I thought about buying disability insurance but never took the step, feeling I was a picture of health. I even had the forms sitting in my office and thought I’d eventually “get to it”.

I awoke one morning with some pretty significant neurological symptoms. I was admitted to the hospital and two days later was told I have MS. The MS is in remission and I am doing well, but I can no longer get disability insurance. The silver lining for me, I guess, is that I am saving like there might not be a work day tomorrow. I am working and doing well, but not having disability insurance is troubling.

[danielwis]

Make sure you take it and do not delay. I was healthy, and come from a healthy family. Grandparents lived to be very old. Parents are elderly and doing fine. I thought about buying disability insurance but never took the step, feeling I was a picture of health. I even had the forms sitting in my office and thought I’d eventually “get to it”.

I awoke one morning with some pretty significant neurological symptoms. I was admitted to the hospital and two days later was told I have MS. The MS is in remission and I am doing well, but I can no longer get disability insurance. The silver lining for me, I guess, is that I am saving like there might not be a work day tomorrow. I am working and doing well, but not having disability insurance is troubling.

[Author]

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