Disability insurance for owner

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sfav8r

Senior Member
Location
San Francisco Bay Area
My wife has just informed me that I am interested in looking into disability insurance for myself. Does anyone have any pointers on what to look for or what companies offer a good plan?
 
Back when I was a contractor, I had a policy on myself. I got it through State Farm, as I recall.

Contact whoever holds the majority of your other insurance -- home, life, car, business -- and see if they underwrite disability policies. Something else to do, while you're in the neighborhood, is to request a benefits summary from the folks at Social Security.
 
I made the decision 10 years ago when I started to not have the policy. I've invested the money instead. For me it was a good decision. If I had a severe injury I probably would have regretted not having it. Like Julie said, there is some relief (very small) from SS. I hate insurance.
 
disability policies vary widely in what they actually cover versus what you might think you are buying. a whole series of name brand insurance companies have been sued over failing to cover the insured.

one of the scams is that often the policy is written in a way that forces the policy holder to work at some menial job to get benefits. you might be unable to work as an EC, but the insurance company may force you to work at McDonalds or get no benefits at all.

Short term disability is probably best covered by savings. I would look for long term disability coverage, and make sure it covers you for not being able to work at your chosen profession rather than not being able to work at all.
 
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