When to Cancel Disability
- Thread starter mikegit
- Start date
- 4,132
Well I guess the answer would depend on what you've set up elsewhere? Could you retire now if you wanted to?
I agree it is a tough call at 60 to keep or let go. Check your inventory, if you're in a position to let it go, let it go. It's done it's job. But it's entirely your call based on where other things are in your life that could replace that paycheck.
I agree it is a tough call at 60 to keep or let go. Check your inventory, if you're in a position to let it go, let it go. It's done it's job. But it's entirely your call based on where other things are in your life that could replace that paycheck.
- 166
You now have a short term disability policy with a long elimination period and a great rate.
Most short term disability policies jump in premium once your attained age at time of application is 50+. The reason is obvious: your odds of filing a claim are far higher.
Only you know what your health is like. Your odds of filing a claim are much higher then before. One month of benefits covers three years of premium. Make an informed bet.
Most short term disability policies jump in premium once your attained age at time of application is 50+. The reason is obvious: your odds of filing a claim are far higher.
Only you know what your health is like. Your odds of filing a claim are much higher then before. One month of benefits covers three years of premium. Make an informed bet.
I think that is he clear answer. If you cannot affor to retire now I would keep he coverage a while longer.
- 1,953
If you lost your income would it be a big financial hit? First hand I saw a situation with a car accident with short term disability along with an accident policy. Luckly the person was age 64 because there was a job loss due to the accident and the long term health issues so soc. sec. kicked in along with other funds coming available.. But until then it could have been real tough if it happened at say age 60..
2
2insureyou
Guest
I agree with LGilmore... however.
Between now and 65, you'll pay a total of what, $3660 in premium for the contract? If you become disabled, it will spit out $24k a year.
Even if you don't NEED it, you may WANT it. If you are truly in a position that you don't need it, then the $3660 between now and then will have negligible impact on your portfolio. If you stroke out tomorrow, there's $120k that could be coming your way to help protect your nest egg.
If you don't really need it, then I don't think it really matters if you keep it or not, and it COULD be beneficial to keep it.
If you were my client, I would literally say it's up to you. It won't make a difference.
This is all just to give a different perspective... LGilmore's advice and logic is very sound and reasonable.
Between now and 65, you'll pay a total of what, $3660 in premium for the contract? If you become disabled, it will spit out $24k a year.
Even if you don't NEED it, you may WANT it. If you are truly in a position that you don't need it, then the $3660 between now and then will have negligible impact on your portfolio. If you stroke out tomorrow, there's $120k that could be coming your way to help protect your nest egg.
If you don't really need it, then I don't think it really matters if you keep it or not, and it COULD be beneficial to keep it.
If you were my client, I would literally say it's up to you. It won't make a difference.
This is all just to give a different perspective... LGilmore's advice and logic is very sound and reasonable.
Gabriel Gomez
New Member
- 5
i agree with Cornelius , said right. if you need more help take financial adviser......
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