Comments on: 7 Ways Your Group Disability Will Fail

By: Disappoint of Group Disability Insurance

Disappoint of Group Disability Insurance — Fri, 02 Apr 2010 14:27:35 +0000

[...] Whether it is good, great or horrible coverage is up to you to figure out. Last time we looked at 7 Ways Your Group Disability Insurance Will Fail. Today, we’ve got a few more things to add to the [...]

By: Disability Insurance Pricing Sweet Spots

Disability Insurance Pricing Sweet Spots — Thu, 25 Feb 2010 17:46:01 +0000

[...] income protection is protecting 60-70% of your income. This is an area where most people’s group disability fails (if you even have group coverage). When your group disability falls short, the best thing you can [...]

By: It’s Coming!! BOND WEEK! and round-up.

It’s Coming!! BOND WEEK! and round-up. — Fri, 12 Feb 2010 07:54:09 +0000

[...] Evolution of Wealth presents 7 Ways Your Group Disability Will Fail [...]

By: Personal Investment Articles this Week from Personal Finance Blogs | Personal Investment Management and Financial Planning Blog Directory

Fri, 05 Feb 2010 19:46:17 +0000

[...] Of Wealth presents 7 Ways Your Group Disability Will Fail posted at Evolution of Wealth, saying, “Most people want to believe that their group [...]

By: 7 Ways Your Group Disability Will Fail Discount b on Me

7 Ways Your Group Disability Will Fail Discount b on Me — Mon, 01 Feb 2010 08:54:08 +0000

[...] original here: 7 Ways Your Group Disability Will Fail tags: biggest-bills, extra, from-the-accident, from-the-rehabilitation, medical, [...]

By: Evolution Of Wealth

Evolution Of Wealth — Sun, 31 Jan 2010 13:10:58 +0000

@Daddy Paul
You are exactly right. 60 is a whole lot better than zero. The reason I wrote this is to help people realize that when they are expecting 60% they probably should really only expect 35-40%.

By: Evolution Of Wealth

Evolution Of Wealth — Sun, 31 Jan 2010 13:09:36 +0000

@Chris
The most important part of disability insurance is the definition of disability. There is so many variations of the definition that it is a bit daunting. I think that is one of the biggest reason why financial professionals usually aren’t very knowledgable about it.
Thank you for sharing your story. You bring up some great advice. Just as with most types of insurance the more you are responsible for up front the less expensive it will be. For disability insurance the deductible you referred to is called the waiting or elimination period.

By: Daddy Paul

Daddy Paul — Sun, 31 Jan 2010 01:03:45 +0000

Great post! One small comment having the 60% is better than nothing but not much.

By: Tweets that mention Group Disablity Insurance Fails -- Topsy.com

Tweets that mention Group Disablity Insurance Fails -- Topsy.com — Sat, 30 Jan 2010 16:38:17 +0000

[...] This post was mentioned on Twitter by CJ Bowker, Sharon McLaughlin, Evolution Of Wealth, Evolution Of Wealth, Redeeming Riches and others. Redeeming Riches said: RT @EvolutionofWealth Why Your Group Disability Insurance Will Fail You | http://ow.ly/1nMxdf [...]

By: Chris W. Rea, BasicallyMoney.com

Chris W. Rea, BasicallyMoney.com — Sat, 30 Jan 2010 15:08:03 +0000

Excellent point about own-occupation (vs. any-occupation.) One place I worked at when I was an employee (and not a consultant) offered own-occupation coverage _only_ for people who made more than a certain salary threshold. i.e. managers and executives. Most of my co-workers weren’t aware of the difference in types of coverage and that just top-dogs had the better kind!

When I first went out on my own as an independent consultant and had to shop for an individual LTD policy I made sure to get coverage with own-occupation until age 65. That was 12 years ago, and even though I went back into full-time employment once during that time period, I maintained my individual LTD policy because it was clearly better.

But- a good individual LTD policy can be expensive! To mitigate the cost, I opted for a 6-month deductible on my individual LTD, instead of 60 or 90 days. I maintain an emergency fund to make sure the 6-month waiting period isn’t too long to wait before LTD benefits kick in.