How To Use Disability Insurance?
61667 POINTSview profileSteve SavantSyndicated Financial Columnist, Host of the weekly talk show Steve Savant's Money, the Name of the Game, Scottsdale ArizonaIndividuals as ell as business use disability insurance to protect the paycheck of the policy insured against prolonged illness and/or injury. Most working Americans have around 90 days in cash reserves, so you may want to use 90 day elimination period. You can also purchase short and/or long term disability insurance.Answered on August 13, 2013flag this answer
1805 POINTSview profileSamuel SmithEnrolled Agent-licensed to practice before the IRS, Samuel N Smith, EA, South CarolinaIf your employer offers short term disability you can bring your exposure down to 30 days very cost effectively. By ensuring that you have no more than 30 days exposure you can protect your savings account from the necessity of having to use it to pay for short term disability plans. While your "occupation" classification determines if you can get a long term disability plan beyond 5 years the protection of being disabled should never be overlooked. If you look at the percertage possiblity of your being disabled is higher than your death. What is the importance of having an "own occupation" definition vs. "any occupation" definition?Answered on November 19, 2013flag this answer
Did you find these answers helpful?
Yes
No
Go!
Add Your Answer To This Question
You must be logged in to add your answer.
.JPG){kind=avatar}
