Disability insurance...Worth it? (pay, rates, Kentucky, savings)

[kentuckydad95]

I can enroll, through work at the USPS, a disability insurance plan. It pays 60% of my salary if I become disabled. Cost is $26/month. Should I go for it or is it a waste of money?

[pvande55]

It is estimated that one quarter of workers will be disabled for a month or more between the ages of 20 and 65. It happened to me. And I would suspect postal workers have even higher disability rates.

[kentuckydad95]

I am the ONLY wage earner in the house. Needless to say, our savings wouldn't last us very long if I become disabled. I also know two USPS workers personally that are disabled.

I guess I asked a dumb question. I will sign up!

[beasleb]

Originally Posted by kentuckydad95

I can enroll, through work at the USPS, a disability insurance plan. It pays 60% of my salary if I become disabled. Cost is $26/month. Should I go for it or is it a waste of money?

Hey Kentuckydad --- I would definitely purchase the disability insurance. I've always carried it myself, although never needed it. However, I know several people, including my younger brother, who did need it and it saved him financially. $26 a month won't be missed. Go ahead and buy that peace of mind.

[11thHour]

Do it. You just never know what might happen. I'm young and otherwise healthy and active. Then I injured my back and was out of work for four months in '11. The disabilty saved my bacon.

[kentuckydad95]

I forgot to mention, this is a long-term disability plan. If I become disabled (I hope not) I would have to wait 90 days for the money to start. Pays till age 65 with COLA.

[mwruckman]

Originally Posted by kentuckydad95

I can enroll, through work at the USPS, a disability insurance plan. It pays 60% of my salary if I become disabled. Cost is $26/month. Should I go for it or is it a waste of money?

This is one benefit you should defeinitely take advantage. Roughly one in three Americans will suffer from a chronic healtyh problem and many will become disabled. It could be a cardiac failure, stroke, kidney failurte, or diabettes. You could be in your 50s like me or be a 20 something. Don't be under the delusion that your employer will understand, in most states (Kentucky is one) Right-yo-Work laws prevail and you can be terminated for health issues and all the employer may say is you no longer meet the expectations for your position. Now your bosses have golden parachutes when they get voted off the island, the least you can do is have an emergency chute when HR pushes you out the door.

[pinipig523]

Yes, you should enroll. I spend $300/mo on mine and I'm on a level plan (rates don't go up as I age). Yours at $26/mo is a deal.

[mathjak107]

odds are you will be disabled way before you die so insurance is good..

the issue is the policies are all so different that some very popular onces i would call borderline scams.

one popular short term disability plan is real slick. unless you take the plan, are diagnosed and out on disability all in one year you get nothing.

so lets say you take the plan, are diagnosed with parkinsons but can still work. well the following year they either wont renew you when you tell them you have it or they wont pay you if you dont tell them.

either way you paid in for years and now that something happins its good by charlie.

you would have to be diagnosed and out on disability all in one years time.

[Caltovegas]

Set up your emergency fund and monitor all your sick days and vacation days to cover the 90 days.. Also be sure to have adequate life Insurance also..