I am looking for advice and recommendations on purchasing disability insurance. It seems like a good thing. How do most people determine their need? What companies, agents, or plans would you recommend? What should I be wary of? Thanks, Jerry
We looked at disability insurance for my husband because his inability to work would be a financial disaster for our family. Unfortunately, what we found is that disability insurance is *very* expensive. We got a quote for nearly $300 a month for it from an insurance broker named Ted Lum in Walnut Creek. He was one of the few brokers who could quote it to us. IEEE also has disability insurance, and it's quite a bargain relatively speaking. You do have to join the IEEE, which is a professional organization for engineers. That costs $75 and you have to fill out a qualifying application. IEEE has an REALLY good deal on life insurance as well. Myriam
My husband is looking for disability insurance. He's an R.N. and is self-employed as a health care software consultant. Our search for info has been pretty frustrating. Anyone know of an appropriate professional group he could join in order to get a decent individual policy at a decent group rate? Any other ideas?
I can't offer too much advice on disability insurance, though we had a good friend who is an insurance agent look into it and the bottom line was that it was just too costly. I can't remember the exact rate, but it was approximately $60 per month per $1,000 of coverage. So if you wanted coverage that would pay $5,000 per month if your husband became disabled it would cost you $300 per month. Any full service insurance broker can run the numbers for you. If anyone has found something more reasonable - Id like to hear about it too!