Comments on: Importance of Disability and Long Term Care Insurance http://www.askmrcreditcard.com/creditcardblog/importance-of-disability-and-long-term-care-insurance/ Latest Credit Card News, Reviews and Information Thu, 18 Mar 2010 08:04:55 +0000 http://wordpress.org/?v=2.9.1 hourly 1 By: Jerry http://www.askmrcreditcard.com/creditcardblog/importance-of-disability-and-long-term-care-insurance/comment-page-1/#comment-15370 Jerry Fri, 25 May 2007 07:48:49 +0000 http://askmrcreditcard.com/creditcardblog/importance-of-disability-and-long-term-care-insurance/#comment-15370 Most company group long term disability insurance plans pay 60% of base pay in the event of a total disability after a waiting period of 90 days. While this benefit is better than nothing, it is usually less than adequate. Most people cannot sustain a 40% plus pay cut without going into debt or selling assets. Insurance companies usually will not sell additional individual long term disability policies to people who are enrolled in these group plans because they are afraid there will be no incentive for the disabled claiment to go back to the work force any time soon. It is best to purchase an individual long term disability plan before you enroll in your company group plan. This way, in the event of a total disability you will receive closer to 90% of your income. Hope this helps. Jerry Most company group long term disability insurance plans pay 60% of base pay in the event of a total disability after a waiting period of 90 days. While this benefit is better than nothing, it is usually less than adequate. Most people cannot sustain a 40% plus pay cut without going into debt or selling assets. Insurance companies usually will not sell additional individual long term disability policies to people who are enrolled in these group plans because they are afraid there will be no incentive for the disabled claiment to go back to the work force any time soon.

It is best to purchase an individual long term disability plan before you enroll in your company group plan. This way, in the event of a total disability you will receive closer to 90% of your income.

Hope this helps.

Jerry

]]> By: W. Wright http://www.askmrcreditcard.com/creditcardblog/importance-of-disability-and-long-term-care-insurance/comment-page-1/#comment-15156 W. Wright Tue, 22 May 2007 03:15:28 +0000 http://askmrcreditcard.com/creditcardblog/importance-of-disability-and-long-term-care-insurance/#comment-15156 Great blog. Who should own long term care insurance is a tough question. I think it makes more sense for a married couple to own a policy, rather than a single person. If a single person uses all of his/her savings/income to pay for care, that's not so bad. If, on the other hand, a spouse requires care and uses up a significant portion of the couple's savings and/or income, the healthy spouse would have quite a burden to bare: both emotionally and financially. The funny thing about long term care insurance is that the price of a policy can vary a lot from one insurance company to the next. I learned that each long term care policy has a different way of charging premium based upon health history, marital status, choice of benefits, and even state of residence. It pays to shop. I found this website very helpful: <a href="http://www.ltcinsuranceshopper.com/" rel="nofollow">http://www.ltcinsuranceshopper.com/</a> WW Great blog.
Who should own long term care insurance is a tough question. I think it makes more sense for a married couple to own a policy, rather than a single person. If a single person uses all of his/her savings/income to pay for care, that’s not so bad. If, on the other hand, a spouse requires care and uses up a significant portion of the couple’s savings and/or income, the healthy spouse would have quite a burden to bare: both emotionally and financially.

The funny thing about long term care insurance is that the price of a policy can vary a lot from one insurance company to the next. I learned that each long term care policy has a different way of charging premium based upon health history, marital status, choice of benefits, and even state of residence. It pays to shop. I found this website very helpful:
http://www.ltcinsuranceshopper.com/

WW

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