Disability Insurance
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Laughing Gas
Joined: Mar 2002
Posts: 1,060
Likes: 12
From: arizona
Disability Insurance
I was thinking of obtaining a type of insurance that would pay me a lump sum of cash in the very unlikely event I would become completely unable to work or function as I would normally.
Say, 1 million bucks or something.
Do they call this disability insurance.....I don't know?
Does anyone have any input on this?
Say, 1 million bucks or something.
Do they call this disability insurance.....I don't know?
Does anyone have any input on this?
Super Moderator
Joined: Apr 2004
Posts: 34,499
Likes: 2,811
Insurance policies can be had for all kinds of risks and perils. Disability would be one of them, probably tied to an accidental death and dismemberment policy. A long-term car policy would also be good.
You looking to get hurt? You say it is unlikely that you will..... Does your employer offer optional coverage?
Call your car or homeowners agent.
You looking to get hurt? You say it is unlikely that you will..... Does your employer offer optional coverage?
Call your car or homeowners agent.
Post Fiend
Joined: Feb 2003
Posts: 6,940
Likes: 2
From: Eastern WA
Generally, short and long term disability insurance are purchased by an employee, an employer, or a combinaton of both. Short term disability doesn't pay diddly squat (and for good and obvious reasons) and long term disability insurance commonly pays 60% of you current income. For those that do not desire to buy long term disability, the taxpayers will take care of them for free. This is called Social Security Disability. There will some hoops and hurdles to go through in order to get the freebie. L & I is another option but I don't know the exact details.
*I've never heard of disability insurance that would make someone a millionaire. Sounds like something that would be abused beyond ones wildest dreams
. I can think of one of my buddies renters that would be first in line to make himself physically disabled at his earliest convenience. Vacations funded by L & I are never long enough.
*I've never heard of disability insurance that would make someone a millionaire. Sounds like something that would be abused beyond ones wildest dreams
. I can think of one of my buddies renters that would be first in line to make himself physically disabled at his earliest convenience. Vacations funded by L & I are never long enough.
Last edited by CowboyBilly9Mile; Mar 8, 2006 at 12:55 AM.
Hotshot
Joined: Feb 2004
Posts: 11,697
Likes: 3
From: Marengo, Iowa
Originally Posted by CowboyBilly9Mile
For those that do not desire to buy long term disability, the taxpayers will take care of them for free. This is called Social Security Disability. There will some hoops and hurdles to go through in order to get the freebie.
There are some companies out there offereing supplemental insurance, and with the fact of Soc.Sec. not paying so well, you would be smart to look into such. Also, they likely wouldn't be as tough to get to pay as the government...
New User
Joined: Jan 2008
Posts: 0
Likes: 24
AFAIK, No there isn't.
One reason there are so many Sue Happy American's.
Worker's Compensation is the closest to something like that unless there is a party that is responsible for your injuries in a collison that they caused.
Otherwise, just keep buying lottery tickets
One reason there are so many Sue Happy American's.
Worker's Compensation is the closest to something like that unless there is a party that is responsible for your injuries in a collison that they caused.
Otherwise, just keep buying lottery tickets
Hotshot
Joined: Feb 2004
Posts: 11,697
Likes: 3
From: Marengo, Iowa
Do a google search, Guardian and MetLife both came up, looks like there is plenty available. As to what it costs, that will likely vary from person to person.
Last edited by fellro86; Mar 9, 2006 at 01:43 PM.
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