Disability Insurance Question

[saint]

I am getting disability insurance due to my line of work. For my profession I'm going with what I've been told is the best company (Guardian). My question is this: if I got the same exact Guardian plan, with the same exact coverage and riders from 3 different brokers, would the premium be the same from all 3?

Do the brokers make their money by tacking on more bells and whistles to the plan (the riders), or can they actually influence the price. Should I be shopping around? I really like the guy I'm going through but didn't know if I should/need to get a rate from someone else to negotiate him down on premiums, or if the premium is the same regardless who is selling it if the plan is identical.

 

[AR182]

I am getting disability insurance due to my line of work. For my profession I'm going with what I've been told is the best company (Guardian). My question is this: if I got the same exact Guardian plan, with the same exact coverage and riders from 3 different brokers, would the premium be the same from all 3?

Do the brokers make their money by tacking on more bells and whistles to the plan (the riders), or can they actually influence the price. Should I be shopping around? I really like the guy I'm going through but didn't know if I should/need to get a rate from someone else to negotiate him down on premiums, or if the premium is the same regardless who is selling it if the plan is identical.

i'm pretty sure the price would be the same with anybody you go with.it's usually based on job classification.try calling up guardian directly & tell them you are interested in a disability plan...ask them if they can recommend somebody to you...then call that person up for a price & compare..

good luck.

 

[SixFive]

I am getting disability insurance due to my line of work. For my profession I'm going with what I've been told is the best company (Guardian). My question is this: if I got the same exact Guardian plan, with the same exact coverage and riders from 3 different brokers, would the premium be the same from all 3?

Do the brokers make their money by tacking on more bells and whistles to the plan (the riders), or can they actually influence the price. Should I be shopping around? I really like the guy I'm going through but didn't know if I should/need to get a rate from someone else to negotiate him down on premiums, or if the premium is the same regardless who is selling it if the plan is identical.

I've always had a plan at work to use, and I've always taken out the short term disability. I took out long term for a few years (kicks in after 6 months off the job), but when I found out my HR director didn't take it, I stopped as well. I might be in error, but if I'm ever out more than 6 months, I'll probably qualify for medicare disability anyway. In this group type plan, I pay around 50 bucks a month. Since you're self-employed, and your earning potential is higher, I'm guessing yours will be about 6-8 times that?

 

[saint]

I've always had a plan at work to use, and I've always taken out the short term disability. I took out long term for a few years (kicks in after 6 months off the job), but when I found out my HR director didn't take it, I stopped as well. I might be in error, but if I'm ever out more than 6 months, I'll probably qualify for medicare disability anyway. In this group type plan, I pay around 50 bucks a month. Since you're self-employed, and your earning potential is higher, I'm guessing yours will be about 6-8 times that?

great guess

coverage of 8200/mos with all the bells and whistles (cost of living adjust, future increase option, lifetime coverage, true own occupation definition, residual disability, catastrophic coverage) will cost about 310/mos for me.

 

[SixFive]

great guess

coverage of 8200/mos with all the bells and whistles (cost of living adjust, future increase option, lifetime coverage, true own occupation definition, residual disability, catastrophic coverage) will cost about 310/mos for me.

sounds pretty good I suppose since that sounds like it includes a long term type disability.

 

[gardenweasel]

you`re already covered by the feds if you`ve been working for 40 qtrs.......20 within the last 10 yrs,if i remember correctly...

and you`re family is eligible for add`l bens. depending on how much you earned.....

i`m guessing you`re talking some sort of short term supplemental plan....i can understand that because they`ll reduce your dib bens if you`re receiving workers comp in certain states...most states actually...

used to fiddle around in several federal govt agencies...

good to have your ass covered...hope you never need it...

 

[saint]

Thank you for the replies.

gw this isn't short term this is long term. 20% of dentists are disabled and unable to practice at some point, most from back problems.
If my hands were to get injured badly enough i could never practice again.

 

[DOGS THAT BARK]

Saint--premium should be same from all 3 agents.
agents can't negotiate premiums unless by rebating (giving you back part of his commission) which is illegal.
Disabilty ins is quite technical. It pays to have agent who specializes in it. guardian is fine company--I have old Provident (non can) policy I've had for years.
1 Point to make sure of in contract is- definition of disabilty as to pre existing conditions--you do not want contract that defines when condition
(1st commenced)--but rather when condition (1st manifest)

The diff is under manifest definition-its when you've been diagnosed by Dr.
Under commences-condition could be there but you never were aware of it.

They gotten rid of most plans with commence clause--but wouldn't hurt to look.

 

[gardenweasel]

Thank you for the replies.

gw this isn't short term this is long term. 20% of dentists are disabled and unable to practice at some point, most from back problems.
If my hands were to get injured badly enough i could never practice again.

o.k..ssa dib is for permamnent disability... ....keep this link in your faves just in case.....

http://www.ssa.gov/dibplan/dqualify.htm

you paid your taxes,you`re entitled to be protected just like everybody else.....

 

[VaNurse]

Sadly, SSA disability is usually denied the first time claimed, then can still be a complete bitch to get. I case managed a 28 y/o former laborer (furniture mover) with HIV who had almost died from congestive heart failure. He suffered a mild stroke and had a pacemaker/defibrillator implanted. He was living in a homeless shelter, volunteering for another HIV agency, trying to develop office/computer skills because he'd already been denied twice and we didn't see approval in his immediate future. I had another female patient who was down to 87 pounds and had a "0" t-cell count and couldn't even get approved for Medicaid!

Sorry, but I won't bank my future on the Feds taking care of me!

 

[SixFive]

Sadly, SSA disability is usually denied the first time claimed, then can still be a complete bitch to get. I case managed a 28 y/o former laborer (furniture mover) with HIV who had almost died from congestive heart failure. He suffered a mild stroke and had a pacemaker/defibrillator implanted. He was living in a homeless shelter, volunteering for another HIV agency, trying to develop office/computer skills because he'd already been denied twice and we didn't see approval in his immediate future. I had another female patient who was down to 87 pounds and had a "0" t-cell count and couldn't even get approved for Medicaid!

Sorry, but I won't bank my future on the Feds taking care of me!

sad stuff, but if you weigh 500 pounds u can get it first try. Everybody gets rejected first time, then u get a lawyer and u get it if legit.

 

[gardenweasel]

Sadly, SSA disability is usually denied the first time claimed, then can still be a complete bitch to get. I case managed a 28 y/o former laborer (furniture mover) with HIV who had almost died from congestive heart failure. He suffered a mild stroke and had a pacemaker/defibrillator implanted. He was living in a homeless shelter, volunteering for another HIV agency, trying to develop office/computer skills because he'd already been denied twice and we didn't see approval in his immediate future. I had another female patient who was down to 87 pounds and had a "0" t-cell count and couldn't even get approved for Medicaid!

Sorry, but I won't bank my future on the Feds taking care of me!

no...with all due respect,mam,you`re wrong....maybe whomever filled out the apps and paperwork for those partients did a lousy job...

in most cases,you basically HAVE to get a disability lawyer to handle your case....

it`ll cost you 25% of whatever past due benefits you`re due (back payments depending on your original filing date and your month of entitlement).....but,it`s worth it...

the system is set up so it`s very difficult to get disability unless you let one of these shysters handle all the minutiae...

there are a slew of `em... that specialize... milk the system ...like binder and binder...it`s disgusting...but,just like everything else,this system`s set up in such a convoluted way,you need `em...

that`s the way the game`s played....

if you become disabled,saint,don`t be silly and ignore ssa dib.......

you`re a dentist?..so you`re pulling down decent cabbage...the more you made and declared,the more you get...you`d be a fool to throw up to around $2500 / $3000 bucks a month due yourself and your family down a rathole...

get a disability shyster...they handle everything...all four levels if necessary(initial,reconsideration,adm law judge and the court case,if it comes to that)...

they take a quarter of your past due bens...and almost all of them work on a contingency basis....if you get turned down,they get zilch....

and they do ALL THE LEGWORK...

i hate em..i dealt with some of em when i was a fed...

but they`re a necessary evil...

 

[VaNurse]

no...with all due respect,mam,you`re wrong....maybe whomever filled out the apps and paperwork for those partients did a lousy job...

in most cases,you basically HAVE to get a disability lawyer to handle your case......

No sir, I am NOT wrong about these two cases. Perhaps I did a lousy job in their case management but I did the best I could. After their initial visits to the local Social Services office where their applications were completed by Government personnel, I referred them to a local non-profit legal agency who took it from there. These were uneducated, uninsured people who were infected with a disease that, let's face it, is "socially unacceptable". They weren't exactly trusting of "the system" and weren't able to advocate for themselves.

What the Hell kind of system is it when it requires the services of an attorney to navigate it?? To say it nicely, it's f'ed up! As I stated before, I'm not prepared to bank my life and the few assets I have on a flawed system. If one is in the position to have private disability insurance, take it. Hell, if nothing else, it'll keep you going until the Government decides you're worthy of the help you've already earned.

 

[gardenweasel]

i think we agree that it`s a f`ed up system...and i`m very sorry that legitimately disabled folks were disenfranchised because of that fact.....

take care...