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post #1 of 11 Old 05-15-2005, 7:31 PM Thread Starter
 
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Disability Insurance

Now that I have a liter-bike, my father has insisted that I purchase disability and life insurance because he's certain I'm doomed to death and/or dismemberment. As outlandish as I think this is, my other option is taking over a lot of other payments in addition to all my motorcycle expenses.

I know I can find a life insurance policy for low monthly costs, but I know nothing about disability. How much, at 19, should I expect to pay monthly on this?
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post #2 of 11 Old 05-15-2005, 7:49 PM
 
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Re: Disability Insurance

You can get a life insurance policy with disability, or get it separate. Do a google search for online quotes. At 19, you should be able to get a large, long term policy for peanuts. That is, if you're a non-smoker or drinker.
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post #3 of 11 Old 05-15-2005, 8:03 PM
 
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Re: Disability Insurance

At the risk of ticking off members:

Get a LOW value term life insurane. You have no family so think in terms of a policy that provides burial and payment of oustanding debt. At 19 I would hope 50K would be more than enough. Don't worry about the length of the fixed fee on the policy as this will be insufficient when you get older and your obligations and net worth increase (for instance a family).

On the disability it gets harder since most I know are based on a percentage of your salary rather than a dollar figure. Get enough that it would provide a yearly amount that will pay for your care and is adjusted for inflation. Again get a term based policy as when you enter the work force this is available as a benefit at times.

Oh and if you move into an apartment get renters insurance.

Lastly be easy on your folks they love you and are just worried (even if you feel the worry is unjustified). You can take this as an opportunity to learn some personal finance knowledge from them rather than make it a point of contention.

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post #4 of 11 Old 05-15-2005, 8:22 PM Thread Starter
 
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Re: Disability Insurance

Quote:
Originally Posted by sheepofblue
At the risk of ticking off members:

Get a LOW value term life insurane. You have no family so think in terms of a policy that provides burial and payment of oustanding debt. At 19 I would hope 50K would be more than enough. Don't worry about the length of the fixed fee on the policy as this will be insufficient when you get older and your obligations and net worth increase (for instance a family).

On the disability it gets harder since most I know are based on a percentage of your salary rather than a dollar figure. Get enough that it would provide a yearly amount that will pay for your care and is adjusted for inflation. Again get a term based policy as when you enter the work force this is available as a benefit at times.

Oh and if you move into an apartment get renters insurance.

Lastly be easy on your folks they love you and are just worried (even if you feel the worry is unjustified). You can take this as an opportunity to learn some personal finance knowledge from them rather than make it a point of contention.
I know that this is just a response from my father's worry for me on a bike, so I don't duke it out with him when it comes to this sort of thing. In fact, it has become a great learning experience for me; from their avoiding to help me, I learned all about insurance and the purchasing and selling of a vehicle. So, I don't take this too hardly and I'm sure it will be equally as rewarding a learning experience as it is a hassle to fork out extra money each month. Thanks for you guys' help.
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post #5 of 11 Old 05-15-2005, 8:27 PM
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Re: Disability Insurance

Tell your father you'll gladly take out both life and disability coverage if he'll pay the premiums...he's the only one that wil benefit from the payout. Telling a 19 year old to have either is waste of funds, IMO.

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post #6 of 11 Old 05-15-2005, 8:47 PM
 
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Re: Disability Insurance

Quote:
Originally Posted by Red Rider
Tell your father you'll gladly take out both life and disability coverage if he'll pay the premiums...he's the only one that wil benefit from the payout. Telling a 19 year old to have either is waste of funds, IMO.
I partly agree but....

In the event of a bad accident the family is left to care for a crippled individual or depend on the government to due it half a___ed.

Also by having life insurance the survivors do not have the burden of paying for the burial (or whatever you choose)

So yes they would be the beneficiary of not having pay for your screwup

That said I would keep the value low and reduce the cost, also don't get sucked into whole life insurance.

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post #7 of 11 Old 05-16-2005, 1:43 AM
 
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Re: Disability Insurance

Quote:
Originally Posted by Red Rider
Tell your father you'll gladly take out both life and disability coverage if he'll pay the premiums...he's the only one that wil benefit from the payout. Telling a 19 year old to have either is waste of funds, IMO.
I disagree. If he hets hurt and becomes a vegatable (think Terry Shivo) his parents are going to loose everything they own paying medical bills, or they turn him over as a ward of the state and all us taxpayers get to foot the bills. Not a position an adult should put their parents in. I agree having a huge payout is stupid, but 20-50k to cover funeral expenses, pay off your debts, etc is wise.
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post #8 of 11 Old 05-16-2005, 2:13 AM
 
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Re: Disability Insurance

Also confirm that they will pay out on a motorcycle accident. I haven't looked into it much lately so I am a bit ignorant of the current laws but I know many insurance companies were adding clauses that stated they wouldn't pay a dime if you were injured or killed in what they considered a 'high risk activity'.
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post #9 of 11 Old 05-16-2005, 7:41 AM
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Re: Disability Insurance

In theory, life insurance coverage is to provide for loss of income to the family if the main wage earner dies. Disability insurance covers the loss of income if that person becomes incapacitated due to injury (short or long term) and is typically based on the wage earner's income. *Assuming* at age 19, doctOrxnick is still at home and considered a dependent of his dad's, he most likely doesn't have any income or the family is not income dependent on his wages. Other than covering funeral costs if he were to be killed, life insurance would only benefit his dad. If his dad wants to use the benefits to pay off debt then let him pay the premiums...why should junior pay for his dad's liabilities? Disability is not meant to cover major medical expenses from long term care. What docOrxnixk needs is vey good medical coverage...

Don't get me wrong, I susbscribe to the "you can never have enough insurance" theory. I just dont think it's fair to make his son pay for coverage as a scare tactic to keep him from buying a bike.

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Last edited by Red Rider; 05-16-2005 at 7:43 AM.
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post #10 of 11 Old 05-16-2005, 7:54 AM
 
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Re: Disability Insurance

Quote:
Originally Posted by Red Rider
In theory, life insurance coverage is to provide for loss of income to the family if the main wage earner dies. Disability insurance covers the loss of income if that person becomes incapacitated due to injury (short or long term) and is typically based on the wage earner's income. *Assuming* at age 19, doctOrxnick is still at home and considered a dependent of his dad's, he most likely doesn't have any income or the family is not income dependent on his wages. Other than covering funeral costs if he were to be killed, life insurance would only benefit his dad. If his dad wants to use the benefits to pay off debt then let him pay the premiums...why should junior pay for his dad's liabilities? Disability is not meant to cover major medical expenses from long term care. What docOrxnixk needs is vey good medical coverage...

Don't get me wrong, I susbscribe to the "you can never have enough insurance" theory. I just dont think it's fair to make his son pay for coverage as a scare tactic to keep him from buying a bike.
Agreed, however, assuming that he lives at home, his dad also has a right to say "my house, my rules, get rid of the bike or get out". Looking back to when I got mine if that was the ultimatum I was given I would've gladly payed some premiums because I know I couldn't have afforded to live on my own, even without a bike to pay for.
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post #11 of 11 Old 05-16-2005, 7:57 AM
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Re: Disability Insurance

Quote:
Originally Posted by ND4SPD
Agreed, however, assuming that he lives at home, his dad also has a right to say "my house, my rules, get rid of the bike or get out".
Preaching to the choir here. My son knows that sermon well!

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Last edited by Red Rider; 05-16-2005 at 1:40 PM.
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