Looking for advice on disability insurance

4 Replies

Insurance, specifically personal, is a big expense and necessary for us as entrepreneurs.  While I'm fortunate to be still working on my COBRA, I'm wondering how you tenured / successful investors managed such things as disability insurance when your business was growing.  How and who did you turn to to assist in analyzing what's right?  I have a wife and two children.   Wife and one grown child are in the business with me.

Tom,

You want a Health/Disability specialist to shop the market for you and make recommendations.  You also need to do some self education on the Disability Insurance to know what the options mean.  For example, the deductible on a Disabiltiy policy is called the Waiting period.  Generally it comes in increments of 30, 90, 180, & 1 year.   The longer the waiting period the lower the rate.   Then the policies can have payouts of 5 years, to age 65, or for life.   The rates depend on the occupation of the insured, their age, and health. 

SHort term disability is an option to cover until you get through the waiting period.  AFLAC is the big player in that market.

You may want to explore any Professional Associations, non-profits, or Alumni Associations that you belong to to see if they have any group disability programs available.   Sometimes they are less expensive.

@johnmocker thank you.  I’ve been learning quite a bit about this.  I’ve run across a plan that combines short term to long term.  Appreciate the reply 

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