I work in a profession that is not eligible to receive state temporary disability benefits (teacher in NJ). It is advised for us to purchase disability insurance. If I have 100 sick days available, should I still buy it or would you deem it unneccessary?
I used to carry a voluntary, self-paid STD policy that expressly covered maternity as a disability, because my firm didn't have a maternity policy and I wanted to ensure I had some income. Once I had baby #2 (our last), I cancelled it. I do still carry LTD insurance, but that's for a different situation.
Post by farmvillelover on Aug 12, 2019 15:55:13 GMT -5
It depends on how much your family relies on your income. I am in the process of getting a private disability policy, I started the process through www policygenius com - it's been easy so far. You plug in options like length of waiting period to benefits, how long benefits will last (I chose 10 years from disability but there is also an option that goes to age 65). I found this important for me to get because we are betting on H retiring in a few years. My kids will still be young and we will still have expenses and I will be the financial provider, hence this policy.
LTD kicks in after 6 months. If you get 100 days of sick time, it might make sense to self insure for STD as you only will need to cover the balance. No, 12 months of LTD is not sufficient. An infection left me permanently disabled.
Post by winemaker06 on Aug 12, 2019 17:55:14 GMT -5
We have long-term disability through Northwestern Mutual, which would pay out until age 65. It is very much worth the peace of mind if your family depends on your income.
12 months of LTD is not enough. It should cover you until you are able to receive social security either through disability or retirement age.
100 days may be enough time until LTD starts; you would need to check with the LTD provider you are looking at buying insurance through. When I had it, private LTD insurance did not start for 6 months. Any time I've had it through an employer, it usually starts at 12 weeks.