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Thread: 61 year old Contractor/Estimator - Question on Quote

Created on: 07/11/12 07:52 AM

Replies: 3

Ryderreno


New Member


Joined: 07/11/12

Posts: 1

61 year old Contractor/Estimator - Question on Quote
07/11/12 7:52 AM

Hi, I am a FT employee of a commercial glass co. looking to get info on DI quote I received. My employer gave me a group quote Allstate Preferred monthly benefit $2887.50. Cost is about $40 @ wk? Is it worth it at my age? Granted I do some installations but now I do mostly estimating. Thanks

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WorkBenefitsDOTus


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Joined: 06/19/09

Posts: 24

61 year old Contractor/Estimator - Question on Quote
07/11/12 10:50 AM

It depends on how long do you intend to continue to work. If you plan to retire next month, not worth it. Anything longer than that, you will want to have income protection. Especially due to the fact that at age 61 only very few other disability insurance options are available, and the cost you received is really reasonable for the benefit amount offered, and your age.

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Larry


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Joined: 09/27/01

Posts: 3,536

61 year old Contractor/Estimator - Question on Quote
07/11/12 1:26 PM

Drop the coverage only if....
1) you are independantly weathy and can retirte tomorrow.
2) can guarantee that while even sitting at a desk, you will not get a stroke, or get into an auto accident etc.
IF, none of the answers are YES, then keep the coverage!

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DavidBlock


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Joined: 03/20/03

Posts: 876

61 year old Contractor/Estimator - Question on Quote
07/16/12 11:02 AM

Ryderreno ... you did not state anything about how long the benefit will be paid and when the benefits begin (elimination period). As the others have said, if you do not need the cash if you do become disabled, then I would suggest putting the premium dollars back into a retirement program or into a savings account. If you do need income protection, then once I know the length of the benefit and how long you will wait to get it, then we can discuss it in more detail.

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