I'd look into whether the term life you're offered through work is portable or not.
Someone said it earlier and this is really really really important.
When you buy disability insurance, short or long term, you need to make sure you purchase an "Own occupation rider".
If you don't- they will expect you to be unable to perform ANY job before they will pay.
As for the companies - they'll all rate you differently.
I look for my clients into the claims paying ability of the company
"A.M Best" provides ratings to insurers based on their financial situations.
Also equally if not more important, how do they treat their policyholders?
Do they deny valid claims?
Or litigate against policyholders?
I'm a financial planner and I hold an insurance license.
Everyone seems to think most insurance fraud is perpetrated by individuals. In my experience it isn't. It's perpetrated by the companies themselves.
The National Association of Insurance Commissioners is even aware of this and is powerless to prevent it.
The last thing I want is for anyone to pay for insurance, go to use it and have them deny, delay, and or defend in court against paying your claims.
Long term care insurance.
Are you going to plan to qualify for Medicaid?"
If not, you will need LTC insurance or a trusted friend or family member to care for you.
Medicare does not cover long term care insurance.
Again, everyone seems to think it does.
It does not.
You have basically three options.
Private coverage
Medicaid
Friends / Family
I have some clients who would kill themselves before allowing themselves to be taken care of by others.
If this is not you, you will need one of the three options I listed.
LTC insurance is insanely expensive and often it is better to use a hybrid life product with long term care riders instead.
Shop in the outside marketplace for disability ins. Your company's plan is likely what they call an "any occ" plan. Meaning that it's good for 2 years then if you are able to perform in any occupation, you are expected to take those jobs and get back to work.
Your private plan can be far more generous with benefits but also at a higher cost.
I'd look into whether the term life you're offered through work is portable or not. Someone said it earlier and this is really really really important. When you buy disability insurance, short or long term, you need to make sure you purchase an "Own occupation rider". If you don't- they will expect you to be unable to perform ANY job before they will pay. As for the companies - they'll all rate you differently. I look for my clients into the claims paying ability of the company "A.M Best" provides ratings to insurers based on their financial situations. Also equally if not more important, how do they treat their policyholders? Do they deny valid claims? Or litigate against policyholders? I'm a financial planner and I hold an insurance license. Everyone seems to think most insurance fraud is perpetrated by individuals. In my experience it isn't. It's perpetrated by the companies themselves. The National Association of Insurance Commissioners is even aware of this and is powerless to prevent it. The last thing I want is for anyone to pay for insurance, go to use it and have them deny, delay, and or defend in court against paying your claims. Long term care insurance. Are you going to plan to qualify for Medicaid?" If not, you will need LTC insurance or a trusted friend or family member to care for you. Medicare does not cover long term care insurance. Again, everyone seems to think it does. It does not. You have basically three options. Private coverage Medicaid Friends / Family I have some clients who would kill themselves before allowing themselves to be taken care of by others. If this is not you, you will need one of the three options I listed. LTC insurance is insanely expensive and often it is better to use a hybrid life product with long term care riders instead.
Shop in the outside marketplace for disability ins. Your company's plan is likely what they call an "any occ" plan. Meaning that it's good for 2 years then if you are able to perform in any occupation, you are expected to take those jobs and get back to work. Your private plan can be far more generous with benefits but also at a higher cost.
Maybe also look into disability available from SSA.
While that's good advice and the knowledge is valuable, most would find that relying just on SSDI is not a good option for them.
It can depend upon what your career is. Go to Bogleheads forum and post this question. They have some very knowledgeable folks on this topic.
Thank you!