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Radical Personal Finance

339-Long-Term Disability vs Short-Term Disability, Benefit Period, Elimination Period, Noncancellable vs. Guaranteed Renewable Continuance Provisions

Radical Personal Finance

Joshua J. Sheats, MSFS, CFP, CLU, ChFC, CASL, RHU, REBC, CAP

Self-improvement, Business, Education, Investing

4.2 • 1.9K Ratings

🗓️ 26 May 2016

⏱️ 45 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Today we continue our disability insurance series. We cover:

  • Why it's so hard to compare disability insurance policies to each other
  • Long-term disability insurance vs. short-term disability insurance
  • Benefit periods (2 years, 5 years, to age 65, etc.)
  • Elimination periods (2 weeks, 45 days, 90 days, 6 months, 1 year, etc.)
  • Continuance provisions (noncancellable, guaranteed renewable, conditionally renewable)

Enjoy!

Joshua

Transcript

Click on a timestamp to play from that location

0:00.0

Today in Radical Personal Finance, we continue our disability insurance series.

0:05.0

We're going to talk about why is it so hard to compare disability insurance policies?

0:09.0

Also, should you buy long-term disability or short-term disability?

0:13.2

We're going to talk about benefit periods, elimination periods, and continuance provisions such as

0:18.5

non-cancellable and guaranteed renewable policies.

0:21.9

Exciting stuff on today's show.

0:25.0

If you're a nerd who cares about spending your money wisely. Welcome. Welcome to the Radical Personal Finance Podcast, the show dedicated to providing you with the

0:48.4

knowledge, skills, insight and encouragement you need to live a rich and meaningful life now while building a plan

0:54.8

for financial freedom in 10 years or less.

0:57.1

My name is Joshua Sheets and I'm your host and today I try to equip you with some very important financial knowledge so that you can protect yourself

1:06.7

with disability insurance and not get taken to the cleaners in the process. The last episode in this series we talked about why disability insurance is important.

1:20.0

I gave you my sales job on it. I heard I just got a note on

1:24.5

Twitter from one listener said all right Joshua you convinced me so at least I

1:28.1

convinced one person to to go ahead and consider buying disability insurance and that makes me very happy.

1:34.0

So I'm happy about that. So I've convinced you, hopefully at least some of you, to consider it,

1:38.5

but now I've got to equip you with the knowledge to be able to make a good decision for that.

1:46.0

And this is one of the more challenging areas of insurance to teach on because there is so much

1:51.8

variability in the product line and there's so much variation

1:56.0

between different companies between different policies etc and this is going

2:01.2

to be one of the areas where you will need somebody knowledgeable in your camp, which is a convenient time for me to do today's ad, which is Pallidon Registry.

2:11.0

Pallidon Registry is a registry service for financial advisors.

2:14.0

I went and found them when I was looking to figure out where can I send you guys who were looking

...

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