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 FondaCox
Ms.firstrecipientofaPMBanEVER
 
Registered: 05/20/07
Posts: 15,275
Loc: CanoooooooDIA
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 Critical Illness & Disability Insurance 
#8402633 - 05/14/08 11:10 PM (5 years, 6 days ago) |
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I went out and got a quote...$200,000 Critical Illness and $2,500 a month disability insurance is going to cost me $175 a month!
The premium comes down by about $40 a month if I don't take the 50% cash back option if I am claim free at the end of the term....
Critical Illness Insurace pays if you are diagnosed with a critical illness - cancer, heart attack etc...
Disability Insurance pays if you can no longer do your profession or work at all.
Is it worth it?
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 GnosticWarrior
Hermit
Registered: 03/11/07
Posts: 241
Loc: Oahu, Hawaii
Last seen: 3 years, 11 months
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 Re: Critical Illness & Disability Insurance [Re: FondaCox]
#8403050 - 05/15/08 12:28 AM (5 years, 6 days ago) |
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Here's my take on any type of insurance. Insurance companies are not in business just to provide you financial protection, they're in business to make money.
IMHO, they prey on consumers fear of loss. Its also very similar to being a casino. They have the scale to hire people to crunch the numbers to ensure the odds are in their favor and also have the attorneys to help minimize their liabilities. Too much fine print to read thru. You'll never really know how much protection you are truly buying until the beneficiaries get paid.
Some insurance like auto, medical, and homeowners are necessary but others are optional. However, my grandfather was the sole provider for the family, he got a life insurance policy, when he died he made sure the house was paid off with a little extra for my grandmother. I can't really say if it was worth it. I'd have to calculate the premiums he paid over his lifetime and assume a given rate of return and compare it to the payout.
You can't put a price on peace of mind and it all comes down, what outcome could you stomach the most. Also imo insurance does nothing to stop the event from happening and might also increase it. People might behave in a risker fashion if they are insured.
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Prisoner#1
Even Dumber ThanAdvertized!
Registered: 01/22/03
Posts: 168,343
Loc: Pvt. Pubfag NutSuck 
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Re: Critical Illness & Disability Insurance [Re: GnosticWarrior]
#8404819 - 05/15/08 12:37 PM (5 years, 6 days ago) |
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Quote:
GnosticWarrior said:
Some insurance like auto, medical, and homeowners are necessary but others are optional.
none are necessary but two of those are mandatory, you cant get
a mortgage without home owners insurance, how many people never
have their house burn or get robbed but carry home owners
insurance, my mother has driven for 50 years and never had an
accident, when she finally did last year there was no damage to
either vehicle but state law requires she carry insurance
I was forced to carry health insurance on myself in order to
cover my kids, again it's about money because I dont visit the
doctor, probably because I dont get sick
Disability insurance is a good idea if your job/hobbies entail
some element of risk, working as a metal fabricator, a taxi
driver, a glazier, these were jobs that had the potential for
serious injury, workers comp covers most of the medical, SSI
handles some of the disability but it takes years to collect
anything and it's a hell of a fight and when you finay do
collect, they pay based on what you've paid in so if you worked
as a waiter or under a 1099 you arent getting much if anything,
disability insurance helps supplement what SSI doesnt pay
another good idea, when you take out a mortgage, get mortgage
insurance, if you die it covers the house and the life insurance
goes to the family
--------------------
there are 923 words in the english language that do not follow the "I before E"
rule, there are 44 words in the english language that follow the rule. this is
the shit our education funding is paying for and these liberals want more money
for education to keep making students stupid
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GnosticWarrior
Hermit
Registered: 03/11/07
Posts: 241
Loc: Oahu, Hawaii
Last seen: 3 years, 11 months
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Re: Critical Illness & Disability Insurance [Re: Prisoner#1]
#8406474 - 05/15/08 08:54 PM (5 years, 6 days ago) |
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Quote:
Prisoner#1 said:
Quote:
GnosticWarrior said:
Some insurance like auto, medical, and homeowners are necessary but others are optional.
none are necessary but two of those are mandatory, you cant get
a mortgage without home owners insurance, how many people never
have their house burn or get robbed but carry home owners
insurance, my mother has driven for 50 years and never had an
accident, when she finally did last year there was no damage to
either vehicle but state law requires she carry insurance
I was forced to carry health insurance on myself in order to
cover my kids, again it's about money because I dont visit the
doctor, probably because I dont get sick
Yes, "Mandatory", would be a better choice of words. Thanks for clarifying.
About medical insurance, I saw a report on 60 minutes where hospitals can charge the uninsured more for the same procedures bcs the insurance companies have price agreements with the Hospitals that the uninsured don't. Kind of forces your hand to get insurance. 
http://www.cbsnews.com/stories/2006/03/02/60minutes/main1362808.shtml
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Prisoner#1
Even Dumber ThanAdvertized!
Registered: 01/22/03
Posts: 168,343
Loc: Pvt. Pubfag NutSuck
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Re: Critical Illness & Disability Insurance [Re: GnosticWarrior]
#8406793 - 05/15/08 10:14 PM (5 years, 5 days ago) |
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I've had the experience of paying less for 'uninsured' visits to
dentists and the like, doctors dont like dealing with insurance
because it's always a hassle for them to get paid, the media is
biased towards big business and government, I pay on average 25%
less by paying cash plus I only pay when I need the services, not
constant payments, the only drawback is if I do end up with a
serious illness the insurance would be nice because I'm not
coughing up $100k+ any time soon
--------------------
there are 923 words in the english language that do not follow the "I before E"
rule, there are 44 words in the english language that follow the rule. this is
the shit our education funding is paying for and these liberals want more money
for education to keep making students stupid
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