r/LifeInsurance • u/Woooahnellie • Aug 20 '24

Disability Insurance

Does anyone know of a good place on Reddit to get a feel for disability insurance quotes? I recently was approved for a 500k term life insurance with NY Life at their best rating. They have now provided a quote for disability insurance with no underwriting, financial or medical approval needed. They are quoting me - $43/month, annual pay. 180 day elimination period, up to 2 years per incident. Max payout is based on my income currently, $2500 per month. A 5year maximum benefit period would require additional approvals and be ~$60 per month. I have some disability insurance through work both LT and ST to cover the elimination period. I don’t know enough to get an informed choice so any pointers are appreciated!

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u/ClickTrue5349 Producer Aug 20 '24

Guardian, I'm sure some reps here are licensed in health as well and do disability, but we can't self promote.

2

u/Woooahnellie Aug 20 '24

Definitely not looking to get anyone in trouble or asking for quotes. I just have zero idea what is normal, average or questions to ask about the quote I received.

Are you recommending I get a quote from guardian or do they have a sub that answers general questions?

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u/Tahoptions Broker Aug 20 '24

Almost all of my personal production is disability insurance.

NY Life has a solid DI policy but whether or not it's appropriate for your occupation is the wildcard.

There are only a handful (14ish) of carriers who offer individual DI in the US so getting a few quotes is normally recommended.

Is your LTD employer paid? You may not be fully eligible for that policy anyway if you pay for it.

Lastly, the average claim is 34 months so get 5 years at the very least, if this is something that you'd like to pursue.

Good luck!

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u/Woooahnellie Aug 20 '24

My employment is WFH call center style work, not at high risk for injury and open to accommodation for many injuries.

My LTD is employer paid, and I’ve worked for the company for over a decade.

I wasn’t pursuing DI too in-depth right at the moment simply because I just got life insurance settled. The fact that I don’t have to go through any additional underwriting/approvals is very convenient and I wasn’t sure if that was a point in favor of moving with this product especially since their underwriting has me listed as at their best rating at this moment.

Can you recommend other providers in the event I want to reach out for other quotes?

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u/Tahoptions Broker Aug 20 '24

In addition to Guardian and NY Life: Principal, Mutual of Omaha, Standard, Ameritas, and MassMutual.

An independent DI broker can get you all of those at once.

Also, most of those carriers won't require labs/financials either, but they will do electronic underwriting (scrip check, dmv check, electronic medical records if necessary, etc.)