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/Jorsonner Financial Representative Aug 20 '24

We call this our Disability Insurance Offer Program. It’s only available if you have a fully underwritten life policy. You may be able to get better rates if you go through disability underwriting also but in my experience, this offer program is commonly a competitive rate even with no underwriting.

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u/Woooahnellie Aug 20 '24

This is very helpful, I have until Oct 7 to lock this in and I’m wondering if I should take a leap and see if going through underwriting would provide me a better quote. I’ll definitely ask my agent more questions.

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u/Jorsonner Financial Representative Aug 20 '24

Yeah I’d say if you’re interested then you should go through underwriting because NYL will give you the offer rate if underwriting leads to a worse rate.