Firstly, I’m amazed how many financially savvy people don’t consider IP insurance. It’s one of the cheapest forms of insurance around (relative to the value), and for many people our future earning potential will be the greatest ‘asset’ we will ever own.
I won’t dump the whole sob story, but I was diagnosed with cancer about 5 years ago at the age of 36 - pretty bad too. 6-figure income; my employer was great about it, but there’s only so much you can rely on there. Knowing that I could get 80% of my salary paid until retirement age (if needed) was the biggest relief - in the end I only took about 9 months of it. My premiums were around $70 a month then, now they’re a bit over $100 a month - all tax deductible too.
I’m with Zurich; the claims process was a bit drawn-out but they were as helpful as you could reasonably expect, and once approved they were very good to deal with. I had a personal case manager who handled all my claim and payment info, and I could email or call her directly.
Finally, the younger you are when you sign up, the cheaper it is. If you’re on a high income you don’t have to have it fully insured, eg could do 50% to make the premiums lower if you think you could live on that. If you have savings or sick leave you can also have a longer waiting period to reduce the premiums further (I had 2 months).
Anyway, end of PSA. If you’ve been putting this off, here’s your reminder. Stay safe and well out there.
I won’t dump the whole sob story, but I was diagnosed with cancer about 5 years ago at the age of 36 - pretty bad too. 6-figure income; my employer was great about it, but there’s only so much you can rely on there. Knowing that I could get 80% of my salary paid until retirement age (if needed) was the biggest relief - in the end I only took about 9 months of it. My premiums were around $70 a month then, now they’re a bit over $100 a month - all tax deductible too.
I’m with Zurich; the claims process was a bit drawn-out but they were as helpful as you could reasonably expect, and once approved they were very good to deal with. I had a personal case manager who handled all my claim and payment info, and I could email or call her directly.
Finally, the younger you are when you sign up, the cheaper it is. If you’re on a high income you don’t have to have it fully insured, eg could do 50% to make the premiums lower if you think you could live on that. If you have savings or sick leave you can also have a longer waiting period to reduce the premiums further (I had 2 months).
Anyway, end of PSA. If you’ve been putting this off, here’s your reminder. Stay safe and well out there.