Disability Insurance

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Forum -> Household Management -> Finances

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amother

Thu, Apr 08 2021, 1:39 am

S/O of the life / health insurance.
Do you / DH have disability insurance?
Is it something you thought about and decided against, or didn’t even occur to you?

On a related note, does anyone know what benefit disability insurance can have regarding maternaty leave?

SacN

Thu, Apr 08 2021, 2:42 am

I have disability pay insurance that covers most of my salary and pension contributions should I be unable to work. I pay for it from my pension contributions.

I opted not to get the insurance that covers specifically inability to work in my field, because I couldn't really picture a case where I couldn't work in my field but I could do lower paying work. If I was a surgeon, artist, etc, I might have gone this route but it was much more expensive.

I'm in Israel, so this is part of my pension plan, and maternity leave is unrelated.

amother

Seagreen

Fri, Apr 09 2021, 9:29 am

Disability insurance covers approximately 60 percent of only your reported income on your taxes. The cost / year is usually 2-3% of your total Income. They have some nice add-ons (riders) like they’ll pay the disability insurance plus mortgage.

amother

Seashell

Fri, Apr 09 2021, 9:43 am

I pay for a private one that's available through my union at work (Prudential and I'm a public school teacher). It's worth it to me because I get paid a percentage of my salary (besides what the state gives) when I'm on on temporary disability for maternity leave. I did get more than I paid for it. I'll probably stop it if we decide we're done having kids/take a long break.

jd1212

Tue, Apr 13 2021, 6:51 pm

I’m a broker and I sell disability insurance and I see plenty of frum couples deciding to get at least small individual long-term disability policies that cover enough for their rent/mortgage + food. Most have never heard of it but the chances of needing to make a disability claim are many times higher than a term life insurance claim.

90% of claims are chronic illnesses like (chas v’shalom) cancer, MS, recovery from a stroke, debilitating depression, fibromyalgia, vertigo, etc.) Things that would still be affect an accountant’s ability to work.

None of these standard individual long-term disability insurance policies would pay maternity benefits, except for bed rest and PPD, as long as someone didn’t have prior history. Feel free to PM me if you want to discuss more.

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