I have the option of signing up for long-term disability insurance through my place of employment. When I was young and single, I really never considered insurance much. However, now that this once wild stallion has been domesticated into family life, it seems that there are other concerns that need to be met, such as ensuring continued support for my family in the event that something should happen.
I still think insurance is a scam, but apparently a necessary evil these days.
2006-10-12 01:51:00 · 12 answers · asked by Anonymous in Business & Finance ➔ Insurance
For those of you who question my willingness to label insurance as a scam and necessary evil, I recall first hand the dilemma my mother had after a severe accident. Despite having paid her premiums on time and being declared as disabled after the accident, the insurance company did everything it could to weasel out of paying her the premium. She had to get a lawyer and fight it in court, eventually winning, but not without legal costs. Hence, my view of insurance companies.
2006-10-13 05:00:58 · update #1
Yes, it is priority in financial planning to get disability insurance and make sure that the benefits are enough to support you and your family in case of disability. Check with financial planner and he well make you good plan.
2006-10-12 09:51:06 · answer #1 · answered by Anonymous · 0⤊ 1⤋
1
2016-10-08 04:09:53 · answer #2 · answered by Lillian 3 · 0⤊ 0⤋
Just ask yourself where the money would come from if .......
I had a terrible car accident
My house burned down
I get cancer
I have a back injury and can't work
I die
I guess you are right.... Insurance is a scam.
CTU, you are 5 times more likely to need disability benefits than death benefits. Even if you have a life policy, the insurance company may NOT pay out an accelerated death benefit to help with the a loss of income. Consider someone in an accident that becomes disabled (can no longer work due to head injury) and still has a long life expectancy. Would a term policy pay?
A complete financial plan needs to address both death and disability. Anything less is just rolling the dice.
2006-10-12 06:06:42 · answer #3 · answered by insuranceguytx 5 · 0⤊ 0⤋
Its not worth getting a disability insurance. The chance of you becoming disabled is very low. If you have life insurance and you become disabled for whatever reason, you can use some of the death benefit to pay off your bills (but you usually have to wait 6 months before you get the money)
2006-10-12 12:52:19 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Ask someone who is disabled!! Your family will pay if you dont take the necessary steps.
You try and think of what type of world it would be without insurance, before you call it evil and a scam!
2006-10-12 02:43:46 · answer #5 · answered by elvisdan77 4 · 0⤊ 0⤋
The vast majority that have financial setbacks and do not succeed financially are a result of some catastrophe or setback.
Most of these issues could have been (and should have been) insured.
Just factor it in as the "cost of doing business." Buy it, even if it's only a small or partial policy.
2006-10-12 12:21:50 · answer #6 · answered by derek 4 · 0⤊ 0⤋
existence coverage is usually a solid fee, whether some rules are a extra effective fee than others. in fact, you're pooling you money with people, and the pool will pay out some thing whilst somebody dies. How lots you ought to pay in relies on the risk which you'll be the fortunate winner of area of the jackpot - and die. in basic terms like a on line casino or a state lottery, you may estimate the "predicted fee" of the payoff of coverage. using danger and documents, you may ascertain how lots payback you may assume (on widely used) for each greenback which you place into coverage. term coverage is the least confusing, by way of fact there's no "investment" element, like there is with "finished existence" rules. in fact, the way term coverage works is which you pay a top rate, and you're in result asserting to the coverage corporation "I guess you that I die this 365 days". The coverage corporation is making a guess you do not. If the coverage corporation wins the guess, they get to maintain your top rate, and in case you win, then your loved ones get to maintain the payout. of direction, the predicted fee to the customer for each greenback paid in would be below a greenback (otherwise the coverage companies could be out of corporation quickly!) coverage companies in many cases make an extremely respectable income, yet not outrageous. and that they've revenues people and administrative team and huge homes which you're determining to purchase. So mathematically, existence coverage is a foul guess (that's stable for the coverage companies, undesirable for you). whether it extremely is an stunning tool for making specific which you supplies you for enjoyed ones in the form of your dying. And aggressive pressures save the charges of coverage somewhat "effortless", so ordinarily, i could say that existence coverage is "properly worth it". in case you have enjoyed ones and assume an income to pay THEIR costs, get coverage.
2016-10-16 02:47:29 · answer #7 · answered by ? 4 · 0⤊ 0⤋
i have been surfing online more than 3 hours today looking for answers to the same question, yet I haven't found a more interesting discussion like this. It is pretty worth enough for me.
2016-08-23 08:39:14 · answer #8 · answered by ? 4 · 0⤊ 0⤋
Hi, I think you should definately take it. If you were out of work and you fell and broke a leg for example. YOu would be compensated for loss of work and the doctors bills would be taken care off. I had it for 7 years and never used it. But...you never know. anyhow good luck in your decision sue:)
2006-10-12 01:59:47 · answer #9 · answered by Anonymous · 0⤊ 0⤋
insurance is always a gamble. If you are pron to getting your self hurt , It would most likely be a good investment..
2006-10-12 01:54:57 · answer #10 · answered by Tired Old Man 7 · 0⤊ 0⤋