disability insurance

iVillage Member
Registered: 08-18-2008
disability insurance
3
Sun, 08-05-2012 - 10:03am

I filed bankruptcy a few months ago, and right now am living paycheck to paycheck.  I may have to have my hand operated on for tendinitis and could be out of work a couple months, two maybe three.  maybe two and a half.  I'm just wondering if I should keep my long term disability policy, which has a three month wait before payment and is good til 65, which I'm 60 now,, or should look for a short-term policy, like six to 12 months with a 30 day wait?

Avatar for mahopac
iVillage Member
Registered: 07-24-1997
Tue, 08-07-2012 - 1:43pm

If you try to get a short term policy, I'm guessing it will be very expensive and not cover a preexisting condition like tendonitis.  You can be sure that at age 60, they will be VERY thorough in researching your medical history, and even if that doesn't come up and you then have surgery, they may retroactively decline coverage.  However, you might be able to adjust your current LTD policy to have a shorter waiting period, though it will cost you.

Smart of you to have LTD insurance though!

iVillage Member
Registered: 05-15-2001
Tue, 08-07-2012 - 8:03pm

I agree that if you try for another policy, your records will be gone over with a fine tooth comb.  You might actually do yourself more harm than good.  Disability insurance is not my strong suit though.

pinchpenny2000
iVillage Member
Registered: 08-18-2008
Tue, 08-21-2012 - 6:27pm

The insurance company for my long term policy did tell me that I would have to go thru the underwriting process again in order to shorten the wait time from 90 days.  The long term is not enough to live off of.  You'd have to have other income coming in from somewhere.  My sister is telling me to forget about both policies all together and just put money in a savings acct.  Maybe she's right.