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Insurance questions

Hey all.  Since I'm sitting in limboland whiling away my time, I thought this would probably be a great time to start looking into some sort of disability insurance (no pre-existing conditions, yet!).  Take advantage of the situation a bit, I suppose.  So, here's my question - what sort should I be checking out?  As I understand it, disability insurance will only cover lost wages, and long term insurance is more for nursing homes and whatnot.  I have no idea if my impressions are correct though, or if there are other types that fit people like us.  

An issue I have is that I'm a stay-at-home mom, and thus, I have no income (though I deserve a huge paycheck!!).  So I'm thinking disability insurance would be useless.  After I had my first ON attack, my hubby and I decided to have kids earlier than later just in case things got worse, so I didn't have but a few years in the workplace before I quit to take care of the kiddos, thus my contribution to Social Security is not huge either, and I'm not even sure I would qualify.  I'm worried about cost for help around the home - nannies and housekeeping and whatnot, that normally I take care of...and of course, while my marriage is a good one, I'm always worried if things don't work out, I'm going to be hurting.

I'm a complete dodohead when it comes to insurance...as I read through things, my eyes just glaze over.  Before I delve into this further, I thought maybe some of you might have an idea on a direction to point me to, so at least I'm not wasting my effort on something that won't fit my situation.

Thanks everyone!

Fishy
6 Responses
220917 tn?1309788081
Hey~

I keep starting to reply and then chickening out!  I really don't know the right answers to this one, Fishy!  It's a tough one, but a great question.  

I agree, you deserve a HUGE paycheck!  Toughest job on earth.  Most important!  Don't forget that.

Let's see what the others have to say....Sorry I couldn't help.

Zilla*
Avatar universal
The concept of a DI policy is to partially replace a loss of income due to disability.  There are different kinds when one goes to purchase, policies that are triggered and pay out by "own occupation" and policies that are "any occupation".  That means the policy will pay on either your ability to due the current occupation you have, or any occupation.  Obviously, any occupation has more strict guidlines and the person would have to typically be "more" disabled.  For reference sake, social security disability is essentially "any occupation".  

Personal disability policies on a full time mom are actually available even though there is no income loss directly.  The companies that offer these policies, see that a disabled mom should essentially cost the family money in terms of now paying for child care, services for the home, and even lost wages from the husband working less to care for the spouse.  Not all companies offer these policies.

The underwriting for a DI policy also varies from company to company and according to policy type.  Even though you are in limbo, your past health history, current doctors visists, and a possible physical examination could curtail your attempts to obtain a policy.

As for long term care insurance, you are correct.  These policies would cover care up to a certain limit for any or all of assisted living, nursing, skilled care, etc.  depending on the type of policy purchased.  These are tricky policies to understand, and purchase.  The premium outlay will vary on how long you want the policy to pay out, how much you want the policy to pay out, inflation riders, how soon you want the policy to start paying after a hospital stay, and your current health at the time of purchase.  The most important thing that most people need to understand about these policies, they are yearly renewable....meaning the company can raise your premium.  You are not locked into the premium you are paying.

As for social security...that is a different beast all together.  I suggest calling your local office or the 800 number.  They are actually very helpful.  Ask them what disability benefits do you qualify for? And they will tell you the benefits, what the earning limits are, what the process is, etc.

One thing to think about.  Most, if not all insurance policies of varying types have some sort of contestibility clause.  Even if you don't have a pre existing condition, be careful of not telling them the full truth IF they ask.
Avatar universal
The problem is that most insurance companies consider a pre-existing condition to be one that "had syumptoms which a reasonable or prudent person would have sought diagnosis or treatment for within the past 12 months" so not be diagnosed does not mean you do not have a pre exisitng condition.  I am currently receiving short term disability and it took weeks to get approved, i am now trying to get my long term disability approved.  This site:

http://www.disabilityinsuranceforums.com/

Is a wealth of information about it and can answer your questions.
moeck
Avatar universal
Sorry cant help you with the us but can tell you what happened to us My hubby took insurnce out for loss income etc in the event of disability illness . Anyway to cut along story short when he first became ill he carried on working and didnt notify the insurance company because he didnt know it was a permant disability . When he finally realise he wasnt goin to be able to continue working we notified the insurance company only to be told that the policy was void because we hadnt notified them when he first became ill even though he ws still employed > We lost all the premiums we paid as well because we basically didnt read the small print . Good luck with finding a suitable policy
Take care chris
Avatar universal
Hey everyone...thanks for responding.  Sounds like to qualify, even without a pre-existing condition, you need to forgo care for a while to get care/insurance later.  Although, if they ask, they'd find out anyway.  Guess it's not a great route, either way.

Best for young people with the ability to see the future, I suppose.  Guess best bet for me will be to go back to the workplace once the kiddos are in school and rack up some benefits through social security, just in case.  I was hoping to start my own business, but I'm not sure that's a great idea anymore.  

Thanks for all the advice and stories, everyone.  It really makes you think!

Fishy
249558 tn?1195540800
I'm a stay at home mother, and my youngest just started school. Our plan was for me to go back to work this year, but because of my crazy rubbish health it's not going to happen. It kills me- I love working and was really looking forward to it, plus we could use the cash.

I loved being home with my daughter. She would help me shop- remind me what we needed to buy, and where I parked the car, lol!!!  The last five years went way too fast.  :(


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