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7:57 am
June 11, 2012
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Sunil from The Extra Money Blog
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| Member | posts 362 | 
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has anyone shopped around for LTD insurance before? i am struggling to determine the best provider to go with…
mainly concerned with the strength of the provider, existence/payout history (ability), favorable terms & conditions (have heard many are impossible to collect from when the time comes).
as far as riders, so far i know i want:
- own occupation clause
- cola rider
- residual / partial benefit rider
anything else that i missed which you recommend? anything in particular to look out for in the riders above?
thanks a ton for your help in advance
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The Extra Money Blog– Expedited Wealth Building Through Multiple Streams of Active & Passive Income (Entrepreneurship, Internet Marketing, Personal Finance)
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12:12 pm
June 14, 2012
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Money and Risk
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| Member | posts 73 |
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The first thing that you need to get is a sample policy. The insurance agent should get this to you easily for the companies that he/she is recommending. It's going to be very difficult to get own occupation clause and expensive. Just be aware of that. (This is due to the abuses that doctors did on the LTD industry years ago).
You have to understand the payout/claims sections very well to make sure that you can get payout. It's all about the little things and read all the fine prints. Make sure you use an agent that specializes in and understands disability WELL.
If it's done right, there should be no problem. One person has been collecting since he turn 40 due to a car accident. He's been collecting with no problems for 10 yrs now.
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1:43 pm
June 28, 2012
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Sandy @ yesiamcheap
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Are you talking long term care or long term disability?
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3:10 am
July 5, 2012
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patcassidy
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Post edited 11:21 am – July 5, 2012 by Financial Samurai
Are you looking to buy an individually owned policy? Those are good pointers to look out for. Try looking up quotes on aggregator websites that sell life insurance, short and long term disability insurance. For the lowest rate, you'll have to elect to receive benefits after the longest waiting period possible. Don't only rely on LTD to pay for care costs, have a plan B in place in case the Maximum Daily Benefit allowable on the policy is not enough.
Pat Cassidy
Disclaimer: I work for AccuQuote and this is my personal opinion.
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10:38 pm
August 19, 2012
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jazzalbart
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Well, No one understands your financial situation better than you. That means you should avoid letting someone else tell you how much protection you need. You can get a rough estimate of your insurance needs by adding together your debt and estimated funeral costs to get a best solution.
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