Long-term disability insurance attorney to review policy

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Topic Author
yosemite_mountain
Posts: 107
Joined: Tue Oct 02, 2018 8:44 pm

Long-term disability insurance attorney to review policy

Post by yosemite_mountain » Wed Nov 06, 2019 9:10 pm

I’m in the process of buying an individual long-term disability insurance policy. I would like a good attorney to review the policy before I sign it, as I would want my interests to be protected. I have a quote from Principal Life Insurance.

Questions:

1.Any recommendations on where or how I can find a good long-term disability insurance attorney?
2.I have some must haves for the policy (see below). Are there any other riders or requirements that I should add to the policy?
3. Is Principal a legit insurance company?

Individual long term disability insurance must haves:
-should have COLA (cost of living adjustment) 
-should pay post tax 
-portable from one employer to another 
-Policy that covers you for “same profession” for the life of the policy which will likely go until your retirement age. “Same profession” means you will get paid if you can’t do your same profession, but could say work at Home Depot or something.
-Should insure for an amount that would cover 90 to 100 percent of salary
-Policy should be true own-occupation 
Last edited by yosemite_mountain on Thu Nov 07, 2019 1:58 pm, edited 2 times in total.

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JAZZISCOOL
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Re: Recommendation for Long-term disability insurance attorney to review policy

Post by JAZZISCOOL » Wed Nov 06, 2019 9:36 pm

Possible ideas:

1. Get a recommendation from your general practice or trust/estate attorney if you have one.
2. Your state's bar association website may have a way to find attorneys with a disability insurance specialty (e.g. ERISA).
3. Ask your insurance broker if they know someone.

Topic Author
yosemite_mountain
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Joined: Tue Oct 02, 2018 8:44 pm

Re: Recommendation for Long-term disability insurance attorney to review policy

Post by yosemite_mountain » Thu Nov 07, 2019 1:18 pm

JAZZISCOOL wrote:
Wed Nov 06, 2019 9:36 pm
Possible ideas:
3. Ask your insurance broker if they know someone.
Thanks!
I wonder if that will be a conflict of interest on his end?

Dinosaur Dad
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Location: Connecticut

Re: Long-term disability insurance attorney to review policy

Post by Dinosaur Dad » Thu Nov 07, 2019 1:33 pm

I had a policy with Northwestern for many years, with many bells and whistles including the ability to buy more insurance over time without a physical. Wasn't cheap but worked for me. I dropped it as I got closer to retirement and financial independence.

I believe they do a lot of work with clients who are professionals so worth a conversation with them.
"Take calculated risks - that is quite different from being rash." | General George S. Patton

DarkHelmetII
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Re: Long-term disability insurance attorney to review policy

Post by DarkHelmetII » Thu Nov 07, 2019 1:34 pm

yosemite_mountain wrote:
Wed Nov 06, 2019 9:10 pm
-Policy should be true own-occupation 
What does this mean?

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Tamarind
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Re: Long-term disability insurance attorney to review policy

Post by Tamarind » Thu Nov 07, 2019 1:38 pm

DarkHelmetII wrote:
Thu Nov 07, 2019 1:34 pm
yosemite_mountain wrote:
Wed Nov 06, 2019 9:10 pm
-Policy should be true own-occupation 
What does this mean?
It means that the policy should pay out if you are unable to perform your own job (broadly defined), rather than requiring that you be unable to perform any work at all.

The classic example is, if you are a surgeon, you would want a policy that will pay you if you can't be a surgeon, even if you are capable of digging ditches or working retail.

KingRiggs
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Location: Indiana

Re: Long-term disability insurance attorney to review policy

Post by KingRiggs » Thu Nov 07, 2019 1:44 pm

Disability policies are not usually that complicated. You should be able to answer your questions with a reading of the policy. Not sure an attorney (at $300+ per hour) is needed...

Best of fortune to you.
Advice = noun | Advise = verb | | Roth, not ROTH

Topic Author
yosemite_mountain
Posts: 107
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Re: Long-term disability insurance attorney to review policy

Post by yosemite_mountain » Thu Nov 07, 2019 1:52 pm

Dinosaur Dad wrote:
Thu Nov 07, 2019 1:33 pm
I had a policy with Northwestern for many years, with many bells and whistles including the ability to buy more insurance over time without a physical. Wasn't cheap but worked for me. I dropped it as I got closer to retirement and financial independence.

I believe they do a lot of work with clients who are professionals so worth a conversation with them.
Thanks!
I'll be sure to add that to the policy. Any other must - haves?

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JAZZISCOOL
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Re: Recommendation for Long-term disability insurance attorney to review policy

Post by JAZZISCOOL » Thu Nov 07, 2019 2:54 pm

yosemite_mountain wrote:
Thu Nov 07, 2019 1:18 pm
JAZZISCOOL wrote:
Wed Nov 06, 2019 9:36 pm
Possible ideas:
3. Ask your insurance broker if they know someone.
Thanks!
I wonder if that will be a conflict of interest on his end?
Not sure but could be a question for the attorney who has ethical obligations if you hire him/her.

Topic Author
yosemite_mountain
Posts: 107
Joined: Tue Oct 02, 2018 8:44 pm

Re: Long-term disability insurance attorney to review policy

Post by yosemite_mountain » Fri Nov 08, 2019 1:03 pm

Thanks for the responses!

Dinosaur Dad
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Location: Connecticut

Re: Long-term disability insurance attorney to review policy

Post by Dinosaur Dad » Fri Nov 08, 2019 1:47 pm

yosemite_mountain wrote:
Thu Nov 07, 2019 1:52 pm
Dinosaur Dad wrote:
Thu Nov 07, 2019 1:33 pm
I had a policy with Northwestern for many years, with many bells and whistles including the ability to buy more insurance over time without a physical. Wasn't cheap but worked for me. I dropped it as I got closer to retirement and financial independence.

I believe they do a lot of work with clients who are professionals so worth a conversation with them.
Thanks!
I'll be sure to add that to the policy. Any other must - haves?
the only other thought: premiums go up A LOT as you get older, so you have to factor that increasing expense into your planning.
"Take calculated risks - that is quite different from being rash." | General George S. Patton

Topic Author
yosemite_mountain
Posts: 107
Joined: Tue Oct 02, 2018 8:44 pm

Re: Long-term disability insurance attorney to review policy

Post by yosemite_mountain » Fri Nov 08, 2019 2:28 pm

Dinosaur Dad wrote:
Fri Nov 08, 2019 1:47 pm

the only other thought: premiums go up A LOT as you get older, so you have to factor that increasing expense into your planning.
If I got a non-cancelable and guaranteed renewable policy, this means the company cannot change anything about the policy- not the premiums, not the monthly benefits, and not the policy benefits up until age 65.

So my premiums would not go up as long as I did not apply for a higher benefit, right?

Dinosaur Dad
Posts: 161
Joined: Wed Feb 22, 2017 6:05 pm
Location: Connecticut

Re: Long-term disability insurance attorney to review policy

Post by Dinosaur Dad » Fri Nov 08, 2019 5:01 pm

yosemite_mountain wrote:
Fri Nov 08, 2019 2:28 pm
Dinosaur Dad wrote:
Fri Nov 08, 2019 1:47 pm

the only other thought: premiums go up A LOT as you get older, so you have to factor that increasing expense into your planning.
If I got a non-cancelable and guaranteed renewable policy, this means the company cannot change anything about the policy- not the premiums, not the monthly benefits, and not the policy benefits up until age 65.

So my premiums would not go up as long as I did not apply for a higher benefit, right?
Have to admit that I'm not an expert here, so all I can say is that for my policy (which I abandoned three years ago), I had a schedule of the annual fees when I purchased the contract so I knew in advance what the premiums would be.
"Take calculated risks - that is quite different from being rash." | General George S. Patton

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