BackcountryMe
Dryer sheet wannabe
- Joined
- Feb 20, 2013
- Messages
- 23
Hi everyone - I'm considering own occupation disability insurance, but I'm having a hard time getting comfortable with the cost.
Right now, I have insurance through my employer with a benefit $84,000 (taxable), which would be approximately $55,000 after tax.
The problem is that this would not be nearly enough to raise a family if anything happens to me (i.e. accident that prevents me from working, cancer, etc), so I'm looking at disability insurance from Northwestern Mutual. The quote I have now has an annualized benefit of $86,000 (non-taxable) per year if I become disabled. It's true own occupation insurance, so it stays with me as long as I pay the premium.
The problem is that this it's really expensive. Between now (early thirties) and age 65, I would pay about $42,000 in premiums (for a "level" premium that starts high and flattens over time)
I have two questions for the group:
1. Is this a good deal? I have no idea how many dollars of insurance I'm getting for how many dollars of premium and I have no other quotes, so I have no basis for comparison.
2. Does anyone have a suggestion where to get another quote? I feel as though I could cut the agent out and save a lot, but I also don't want to end up buying from some fly-by-night insurer who is gonna give me the runaround if I ever need to the benefit.
Please help!
Right now, I have insurance through my employer with a benefit $84,000 (taxable), which would be approximately $55,000 after tax.
The problem is that this would not be nearly enough to raise a family if anything happens to me (i.e. accident that prevents me from working, cancer, etc), so I'm looking at disability insurance from Northwestern Mutual. The quote I have now has an annualized benefit of $86,000 (non-taxable) per year if I become disabled. It's true own occupation insurance, so it stays with me as long as I pay the premium.
The problem is that this it's really expensive. Between now (early thirties) and age 65, I would pay about $42,000 in premiums (for a "level" premium that starts high and flattens over time)
I have two questions for the group:
1. Is this a good deal? I have no idea how many dollars of insurance I'm getting for how many dollars of premium and I have no other quotes, so I have no basis for comparison.
2. Does anyone have a suggestion where to get another quote? I feel as though I could cut the agent out and save a lot, but I also don't want to end up buying from some fly-by-night insurer who is gonna give me the runaround if I ever need to the benefit.
Please help!
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