Disability Insurance - Electrician Talk - Professional Electrical Contractors Forum

LubecElectrical · 02-07-2010, 09:05 PM

Do any of you business owners or one-man shops get disability insurance? I'm thinking I should look into it for me and my business partner. Curious to hear what you think.

captkirk · 02-07-2010, 09:09 PM

Do You mean workmans comp..? If so, Yes I get it for myself and helper.. I dont like paying for it but what can you do......?

LubecElectrical · 02-07-2010, 09:18 PM

No, I meant full disability insurance. I think (I'm not an expert) that workman's comp only covers work injuries. I think disability insurance will provide some percentage of your income (75%, maybe?) if you're unable to work from any cause. For example like if you get cancer or break a leg at home and can't work.

captkirk · 02-07-2010, 09:21 PM

No i dont. I probably should.

BryanMD · 02-07-2010, 09:28 PM

Disability insurance is more important than life insurance as a resonably healthy working adult under 60 is FAR FAR FAR more likely to have an debilitating injury keep them from working than they are to die prematurely. Some basic term life is still a good idea too.

Northwestern Mutual (shhh!)

MDShunk · 02-07-2010, 09:30 PM

I've had AFLAC for a good many years. It's not really that expensive. I have never had to use it, so I'm not actually sure if it's any good or not. I know other people who say it's good, but I've never had to test it. It's 81 bucks a month, for the whole family.

Shado · 02-07-2010, 09:33 PM

Quote:

Originally Posted by BryanMD

Disability insurance is more important than life insurance as a resonably healthy working adult under 60 is FAR FAR FAR more likely to have an debilitating injury keep them from working than they are to die prematurely. Some basic term life is still a good idea too.

Northwestern Mutual (shhh!)

Hmmm...I never really thought about it like that....

This forum is full of smarter people than myself.

LubecElectrical · 02-07-2010, 09:37 PM

Could you tell me roughly what you pay? I know it will vary quite a bit, but I'm interested.

MDShunk · 02-07-2010, 09:42 PM

Quote:

Originally Posted by LubecElectrical

Could you tell me roughly what you pay? I know it will vary quite a bit, but I'm interested.

I thought someone might ask, so I edited my thread. It's 81 bucks a month for the whole family. It's not for regular medical stuff. It's for accidents, injuries, and certain diseases (cancer, heart attack, etc.) that cause you to miss work for a spell.

LubecElectrical · 02-07-2010, 09:49 PM

Not too bad. Thanks for the info.

LawnGuyLandSparky · 02-07-2010, 09:58 PM

Quote:

Originally Posted by MDShunk

I've had AFLAC for a good many years. It's not really that expensive. I have never had to use it, so I'm not actually sure if it's any good or not. I know other people who say it's good, but I've never had to test it. It's 81 bucks a month, for the whole family.

I have AFLAC too as do many I work with. I never used it but a guy I did work with used it... three times. The third time he got hit by a car and went out that day - they've been paying him weekly for over 6 months.

LawnGuyLandSparky · 02-07-2010, 09:59 PM

Quote:

Originally Posted by MDShunk

I thought someone might ask, so I edited my thread. It's 81 bucks a month for the whole family. It's not for regular medical stuff. It's for accidents, injuries, and certain diseases (cancer, heart attack, etc.) that cause you to miss work for a spell.

Anything other than a permanent disability.

Mike Guile · 02-07-2010, 10:02 PM

Quote:

Originally Posted by LawnGuyLandSparky

I have AFLAC too as do many I work with. I never used it but a guy I did work with used it... three times. The third time he got hit by a car and went out that day - they've been paying him weekly for over 6 months.

Huh?

LawnGuyLandSparky · 02-07-2010, 11:11 PM

My cat still sleeps with the plush duck they gave me. Thank God the battery died!

Toronto Sparky · 02-08-2010, 02:19 AM

I.B.E.W. has you covered..

leland · 02-08-2010, 04:48 AM

Quote:

Originally Posted by MDShunk

I've had AFLAC for a good many years. It's not really that expensive. I have never had to use it, so I'm not actually sure if it's any good or not. I know other people who say it's good, but I've never had to test it. It's 81 bucks a month, for the whole family.

Myself as well. A guy I work with just came back from a heart attack, he swears by it now! Said it made a huge difference.

As for comp. If you have an (1 or more)employee,most states require it.

Innovative · 02-08-2010, 05:28 PM

Myself and all my employees have both short and long term disability, that I pay a portion of. The coverage is through AFLAC. I believe the cost is around 44 per employee per month, of which I pay 66% of. It is excellent coverage for about 1.50 per day....... AFLAC has many good options when it comes to disability insurance.

Russell1200 · 02-09-2010, 05:04 AM

Expensive, but if you can fit it in the budget it is worthwhile. Some of the places I have worked it was an after tax expense, which really made it pricey.

jrannis · 02-09-2010, 05:50 AM

I bought a disability plan through Thrivent ten or more years ago. They just sent me an unexpected dividend check from the policy.

If the SHTF for me,
It will cover me until my IBEW disability pension and social security kicks in.

brian john · 02-09-2010, 08:06 AM

Quote:

Originally Posted by jrannis

I bought a disability plan through Thrivent ten or more years ago. They just sent me an unexpected dividend check from the policy.

If the SHTF for me,
It will cover me until my IBEW disability pension and social security kicks in.

Are you out of work?

I have tried to get my men to buy this for themselve, with incentives, groiu discounts if we could get so many to sign up. NOT ONE took us up on this offers.

I had what at the time was called pay check protection insurance, I used it twice and was saved by this benefit out of work 12 weeks once and 6 weeks once.