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Radical Personal Finance

354-Disability Insurance: Benefit Amounts, Needs Analysis, Group vs. Individual, Definitions of Disability (Own Occ vs. Any Occ), Policy Provisions (Total Disability, Partial, etc.) and More!

Radical Personal Finance

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

Self-improvement, Business, Education, Investing

4.21.9K Ratings

🗓️ 30 June 2016

⏱️ 56 minutes

🧾️ Download transcript

Summary

Today we continue our disability insurance series with a discussion of:

  • How to determine the benefit amount of an individual disability insurance policy
  • The interaction of group disability insurance and individual disability insurance
  • The definition of disability (own occupation, modified own occupation, any occupation)
  • How is disability determined (loss of time, duties, income)
  • Total disability vs. partial disability vs. presumptive total disability.

Enjoy!

Joshua

Transcript

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0:00.0

This episode is brought to you by Pepsi Max. Christmas is great, but there's loads of ways to make it better.

0:08.0

Like sneaking some chili into the gravy for some extra oint or or build in a playlist that will even get your

0:14.8

none up on the table or just cracking open an ice cold Pepsi Max. Christmas better with Pepsi Max.

0:25.0

Today in Radical Personal Finest, we continue our disability income insurance series with analyses, how to figure out

0:37.0

the appropriate benefit amounts and what benefit amounts are

0:39.4

available.

0:40.4

We're going to talk about group insurance and individual insurance.

0:43.0

We discuss the definitions of disability within an individual disability insurance policy.

0:48.0

And if we have time, we'll get into specific provisions of policies that you may or may not want and in theory we might have time

0:57.0

to talk about taxation of premiums and benefits. It's. Yes, Joshua Sheets the ever optimistic show host thinking that we're going to get to all that in the course of today's show.

1:24.0

Welcome to the show. My name is Josh Rashidz. This is the radical personal finance podcast.

1:27.0

Thank you for being with me today.

1:28.0

This is the show we work hard to talk about everything you need to know

1:32.0

and a little rich and meaningful life now

1:34.4

while also building a plan for financial freedom

1:36.3

at 10 years or less,

1:37.7

and we continue our risk management disability

1:40.6

income insurance series right now.

1:43.0

With the first episode of this series,

1:51.0

episode number 337, I gave you my sales pitch for why I think you should

1:56.0

buy disability income insurance with a special emphasis on the value of

1:59.6

long-term disability insurance. In episode 39 we continue the series talking about why it's so hard to compare disability

...

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