10 replies to this topic

[Thomas13ss]

Who is using supplemental insurance in case of getting hurt on the bike and can not work?I would race more and feel much better if I had a backup plan if i did get hurt. I work as a carpenter and could be in real trouble if i got hurt and could not work. If you have any experience with this type of insurance please share.

Thanks
Thomas


Mods I posted this here because I am looking for feedback of racers. Feel free to move topic to another form.

[tarmac72]

Serious and not trying to be glib...

Why don't have it regardless if you are racing or not if you livelihood depends on being present and correct?

[Thomas13ss]

I have health insurance but was not aware that my mortgage and other bills could be covered in case of an accident with a supplemental plan. Do most people have a extra plan?

Thomas

[mikebobelak]

Mrs. & I just re-did our insurance and I added supplemental, it wasnt much more to cover ~60% of my income for short/mid term.  Deff need to shop around , yours will be higher due to a "higher risk" job.

[tarmac72]

yes- extra plan

[cleeland]

My job gives me short and long term disability insurance. Maybe supplemental would be good. I don't know.

[yjl]

I've had my own disability policy through Unum for about 22 years.  Some of my employers have offered their own policy, some have not, but I'm always covered.  I think it's one of the best investments you can make.  At the moment, I have no dependents.  If I die-- no problem.  If I'm just really, really hurt-- big problem.

Edited by yjl, 05 July 2012 - 07:27 AM.

[tileman]

I wish I had it last year.  Sitting at home for 3 months with limited income did suck.  Just glad the missus has a good job.  I might look into it too if she lets me race cx again next year.  Although chances of getting hurt badly in cx are not nearly as high.

So what is it exactly, a disability policy?  Supplimental of some sort that is short term?  Are disability policies short term or long term?

[illinihand]

I use Aflac, never had to use it yet but I have had it for about 5 years. I could barely afford it when I first got it (I made dirt, Aflac is very reasonable IMO) but I had started racing and was really scared about getting hurt and going under. Very much like that I have the safety net.

[yjl]

There are both short-term and long-term policies.  I'm pretty sure mine covers both, and I have separate long- and short-term policies through my job.

My individual policy is "life to 65" meaning that if I get disabled prior to age 65, I get lifetime benefits.  My annual premium amount is about what the policy pays out monthly should I be injured.  Both the monthly pay-out and premium optionally increase by about 5-10% each year (I can choose whether or not to pay the increased premium for the increased benefit).

I was lucky in that, when I first started working full-time, my parents insisted that I out the policy, and they paid the premiums for the first 5 years, when I couldn't afford to do so myself.  I think they felt they had a moral obligation to support me should I become permanently (or even temporarily) disabled, and they thought this was the best way to do this.  After 5 years, I was earning enough and started paying the premiums.

When I was in high school, my father used his policy after he contracted hepatitis and couldn't work for 6 months (he was a physician and he couldn't see/treat patients until he was free of the disease).  So I have indirectly benefited from a disability policy.

[tileman]

Interesting article:

http://thesouthern.c...19bb2963f4.html