how much does disability insurance cost?
my 28 year old non smoking healthy wife who works at a computer for 30 hours a day was quoted $130 per month for $3000 per month of disability insurance. is that reasonable?
Public Comments
- I think that sounds about right...its high but thats the insurance business these days.
- Seems rather high to me. I have a life policy that I pay $40 a month for and I get almost as much disability coverage as that. (though I am in Canada if that makes a difference) I would keep looking. Go to an Insurance Broker. That usually saves some time.
- Yep, that sounds about right.
- Sounds about right. Ask the agent what companies they looked at and they should be able to name about 2 or 3 others. Make sure that it also covers partial or residual disability because a "total only" contract will only payout if she cannot work at all. Carpel tunnel, bad back, etc wouldn't completely prevent her from working, but it might slow her down.
- I once had a consultant who billed me 30 hours a day for his work. You're in the ballpark; if you want to lower the premium you could lengthen the elimination (waiting) period. For a checklist on disability insurance: http://www.insuranceyak.com/long-term-disability-checklist/ Good luck
