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      03-05-2021, 12:56 PM   #1
rebekahb
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Long Term Disability

My work doesn't pay for but the offer a policy through AFLAC. I got a call yesterday that they entered my pay in wrong and it's going up quite a bit. My question is for those of you who don't have a job paying for it, do you buy a policy or skip it. If so, why or why not?
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      03-05-2021, 01:44 PM   #2
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It is a taxable benefit here in Canada, up to my employee to get it or not. The premiums are very low so most people just get it.
It is just another insurance especially if you have kids and a mortgage to pay and can't move back to mom's house.
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      03-05-2021, 03:15 PM   #3
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I added it on last year. I saw 3 people around my age bracket get ill and miss work for months, some never came back.
For the price, I thought it was a no brainer....maybe its in the water here.
It likes like my short term and long term are $15/week
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      03-05-2021, 03:35 PM   #4
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Ive always carried it since my job wouldnt be the easiest to do if i was on bed rest or immobile for a long period of time. Ive had both my employer cover all/some and ive gotten my own policy

my wife got it a few years back because it was cheap, and ended up breaking her leg and not being able to work for months and it helped out quite a bit. She is also unable to work from home for the most part.

and depending on the policy, you can buy up additional coverage to cover more of your salary while on long term disability. My wife's policy covered 65% and she was able to buy up to 75%. Mine starts at 60 and ive bought up to 75% as well.

as for should you get it, all depends on how you would be if you couldnt work for an extended period of time.
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      03-05-2021, 03:37 PM   #5
rebekahb
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Mine was around $47ish/pay period and it almost doubled. Im going to call around a few places just to see if that's average. Aflac apparently also offers a short term policy that can go 12 months. Need to look into this over the next few days.
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      03-05-2021, 03:59 PM   #6
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If you're getting long-term disability insurance make sure it has an OWN occupation clause. With most employer provided long-term disability policies, if you can do ANY job with your employer they'll usually kick you off disability. With an "OWN occupation clause" as long as you can't do your current job you qualify for disability regardless of whether they can redeploy you.
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      03-05-2021, 05:50 PM   #7
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I pay $15/week through Aflac. It’s cheap and a good safety net so why not.
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      03-05-2021, 06:08 PM   #8
rebekahb
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Quote:
Originally Posted by Manny01 View Post
If you're getting long-term disability insurance make sure it has an OWN occupation clause. With most employer provided long-term disability policies, if you can do ANY job with your employer they'll usually kick you off disability. With an "OWN occupation clause" as long as you can't do your current job you qualify for disability regardless of whether they can redeploy you.
I'll look into this. Thank you for the info!
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      03-05-2021, 06:10 PM   #9
rebekahb
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Quote:
Originally Posted by kanovic View Post
I pay $15/week through Aflac. It's cheap and a good safety net so why not.
Mine went up to $39/week which is why I'm asking & looking to see if there is a better option. Just wanted some feedback. $15/week is not bad.
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      03-05-2021, 06:27 PM   #10
kanovic
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Quote:
Originally Posted by rebekahb View Post
Mine went up to $39/week which is why I'm asking & looking to see if there is a better option. Just wanted some feedback. $15/week is not bad.
Shop around some. I know Aflac will lower some weekly costs if you wait a few weeks before the payments kick in. For example on mine I would have to wait 3-4weeks after the injury for the payments to kick it. But I alway make sure I have enough money to cover a minimum of 6months of bills
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      03-05-2021, 06:48 PM   #11
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I purchase through a professional organization (AICPA). I hope I never need to use it but if I felt comfortable enough to not need it, maybe it would be time to start thinking about retirement. It’s an important safety net if something happens.

You may want to shop around outside the employer if they aren’t bearing part of the cost. Professional organizations, maybe AARP (for those 50 and over), etc. may be places to check.
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      03-05-2021, 06:50 PM   #12
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Quote:
Originally Posted by rebekahb View Post
Mine went up to $39/week which is why I'm asking & looking to see if there is a better option. Just wanted some feedback. $15/week is not bad.
Mine is around $250 / mo. of which I get 10% - 20% back in an annual rebate. Obviously, benefit amount and age play a factor in rates. My benefit would be $12K / mo. and Iím 53 for comparison purposes.
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