Short Term Disability/Aflac

[timandlesley]

Hello,
I'm a teacher and our Aflac representative came in today. It started me thinking about how I'm the breadwinner in our house (my husband is a WONDERFUL stay at home dad). and if I were to get in an accident we would be in a world of hurt without any income. I am going to be buying a short term disability policy, but before I buy into Aflac wanted to hear if you know of anything more affordable. This one would pay me 2000 a month for 3 months if I were injured and unable to work. I would be paying 30 every pay check for this (so 60 a month), this seems high, but I need the coverage and wouldn't be able to afford the alternative of not having any coverage at all and becoming injured. Your thoughts??

 

[sammielynn]

Don't know about another policies becasue I have AFLAC also. I know they pay well, hurt my shoulder once and they paid very quickly after I turned in the paperwork. I can get $60 back per year when I have my annual physical. I have two policies, cancer and accident.

 

[mossy1]

I'm a big fan of both short term and long term disability ins. I have both at work and since they are a group policy it's less than 5.00 per week but well worth it. I mean for the price at least you know you are covered for non-work related injuries---could be car accident, fall down the steps, ect. A long term co-worker was in a motorcycle accident in june 05 and is still recieving his benifits---to me it's a no brainer.

 

[dturner]

Hello,
I'm a teacher and our Aflac representative came in today. It started me thinking about how I'm the breadwinner in our house (my husband is a WONDERFUL stay at home dad). and if I were to get in an accident we would be in a world of hurt without any income. I am going to be buying a short term disability policy, but before I buy into Aflac wanted to hear if you know of anything more affordable. This one would pay me 2000 a month for 3 months if I were injured and unable to work. I would be paying 30 every pay check for this (so 60 a month), this seems high, but I need the coverage and wouldn't be able to afford the alternative of not having any coverage at all and becoming injured. Your thoughts??

I'm in the same boat as you are. My DH is a stay at home Dad also and I'm the only breadwinner and I have NO long or short term disability - it's not offered where I work. In fact, I don't even have any life insurance because it's not offered where I work.

I've looked into disability insurance with State Farm and I can't afford it - it's expensive and I can't get AFLAC because it's not offered where I work.

 

[Sparky106]

I have three Aflac policies and have had to use them. When I file my claims by fax, I have my check(s) within 6 days! Very, very prompt and no questions asked. Sometimes think about canceling just because of the cost, but I know that I need it and we will use it. Son is in high school sports, getting his drivers license this summer, and sometimes we are just plain clutzy! Husband works at the steel mill and so we have an accident policy on him, too. Hope I never have to use that one!

Melissa

 

[C.Ann]

I had AFLAC when I worked for a doctor's office and it was great! Came in very handy when I had the carpal tunnel surgeries done on my hands.. Be aware though that they won't cover pre-exisiting conditions until you have been covered for either 6 or 12 months (can't remember for sure offhand)..

And being a woman, I would DEFINITELY take the cancer policy as well..

I felt it was money well spent (I got back way more than I paid in premiums) and they are very easy people to deal with..

 

[timandlesley]

Thanks everyone. So glad I posted this. I will definitely sign up now. I don't even know why I was on the fence. . ..well yes I do, it's that 30 a paycheck. When you live from paycheck to paycheck that can be tricky some months, but we will make it happen. Imagine what would happen if we didn't do it and something would happen to me. . ..don't even want to think about it. THANKS! You guys are great.

 

[WDWorBUST]

I work in HR and always highly recommend STD - it's very affordable - we get paid weekly and it costs anywhere from $2.84 to $5.92/week. I am always so sad when people don't elect it that really do need it. The way I always put it to people is this "What would happen to your family if something happened to you and you weren't able to work and had no income?" that's what it all boils down to. And for ladies in their childbearing years it's great because it covers pregnancy related illness and pays for your time off work after birth (6 weeks for a "normal" delivery & 8 weeks for a c-section). I don't know how we would have made it without that income. Anyway....I think you are making a great decision and you won't miss that $30 after no time at all.

 

[dvcgirl]

Thanks everyone. So glad I posted this. I will definitely sign up now. I don't even know why I was on the fence. . ..well yes I do, it's that 30 a paycheck. When you live from paycheck to paycheck that can be tricky some months, but we will make it happen. Imagine what would happen if we didn't do it and something would happen to me. . ..don't even want to think about it. THANKS! You guys are great.

I'm just curious....how much is the policy? This short term disability, not long term...correct? Do you have long term disability through your employer in case you had a catestrophic disability?

 

[dturner]

I looked up AFLAC online and unfortunately you can't get it yourself, it has to come through your employer.

So does anyone know what do people do, like me, who's employer doesn't offer LT or ST disability??? Go without like I'm doing???

 

[timandlesley]

I'm just curious....how much is the policy? This short term disability, not long term...correct? Do you have long term disability through your employer in case you had a catestrophic disability?

Since I'm a teacher and have taught for more than 5 years the NEA pays for long term disability for me. For short term I have to buy Aflac through my employer for the 60 a month. It will be a 3 month policy where each month they will pay 2000 for up to three months that I am off of work.

 

[Bella the Ball 360]

I am a teacher also and I might as well have a stay at home husband since he is self employed. I have long term disability and the reason is I have over 125 sick days so it was not worth it for me to get the short term stuff. I have been lucky to acrue so many. I think I pay 49 once amonth or so but for me the long term made more sense. Technically I have 25 weeks of pay to play with before i need long term but it is good to know it is there.

 

[timandlesley]

Bella The Ball 360,

If you are in the State Teachers Retirement system though and have taught for more than 5 years aren't you already covered under their long term insurance? I thought for sure we were.

 

[ellyn2000]

I work for the state (NC) and vested employees do have disability through our pension but it would only be if I were to become disabled and unable to ever return to work. I have a Colonial Life policy (county management gave them exclusive right to solicit employees in office) and I pay about $42. every two weeks. I also have a wellness plan and cancer plan that pay me when I have annual physical and any screenings. It's a pre-tax deduction so it's not quite $42. out of net earnings. It pays 2/3 salary for 6 months with a 2 week waiting period. You can choose the length of waiting period and adjust premium accordingly. There is no waiting period if you have an accident and I was paid through this policy when I sprained my knee and was written out of work for a few days even though I was paid through employer because I had leave time to use. I've also used it for 2 surgeries when I was out of work for 6+ weeks. I'm not the "breadwinner", but we do use my salary to pay bills so I think it's a wise investment.

 

[minkydog]

I also second long-term disability. When my 47yo DH came down with an unknown(at that time) respiratory illness he quickly became unable to work. In fact, for nearly 2yrs he could work very little as his illness waxed and waned. If it had not been for LTD we would have lost everything. He's better now and working more, but we will never let our LTD lapse--it saved our bacon.

 

[dvcgirl]

Since I'm a teacher and have taught for more than 5 years the NEA pays for long term disability for me. For short term I have to buy Aflac through my employer for the 60 a month. It will be a 3 month policy where each month they will pay 2000 for up to three months that I am off of work.

I have to be honest, for $60 a month sounds incredibly high to me. I'd try and save a couple hundred per month (if you can afford it).... and just fund your own short term disability policy. Sort of like an emergency fund designated for disability if you ever needed it.

 

[C.Ann]

I have to be honest, for $60 a month sounds incredibly high to me. I'd try and save a couple hundred per month (if you can afford it).... and just fund your own short term disability policy. Sort of like an emergency fund designated for disability if you ever needed it.

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That might be a good idea if time were not a factor, but suppose something happens to her a month from now? $60 isn't going to go very far in supporting her family..

 

[timandlesley]

I agree. That is why I went around and around with this today. I would love to invest the 60 a month and build up a nice nest egg but unfortunately like the previous poster said if I'm hit by a drunk driver tomorrow night or something unexpected were to happen our house payment wouldn't be made next month.

 

[minkydog]

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That might be a good idea if time were not a factor, but suppose something happens to her a month from now? $60 isn't going to go very far in supporting her family..

I agree. Even 3 months of NO INCOME would put most families into bankrupcy.We looked at it this way: the chances of having to be out of work for 12wks due to illness or injury in any given year is a lot higher than the chances of actually dying outright at our age.
And in fact, I have been injured once and ill twice already in the last 6 months and have been out of work a total of 9wks! Thankfully, my DH is also working but if I were the main breadwinner we would have been in deep
doo-doo.

 

[dvcgirl]

I agree. That is why I went around and around with this today. I would love to invest the 60 a month and build up a nice nest egg but unfortunately like the previous poster said if I'm hit by a drunk driver tomorrow night or something unexpected were to happen our house payment wouldn't be made next month.

Can you fund both? Fund the insurance end and squirrel away an emergency fund at the same time? It just seems awfully expensive to pay $60 a month for a policy that will ultimately pay out only 6 grand. Do you have an emergency fund in place now? If so, that could act as your short term disability. If not, once you get one in place you can drop the insurance and save yourself $72 a year...JMHO.