Hello ATOT
I was looking for some important life decision advice - so what better place than ATOT right?
Anyhow, it's benefit election time - and one thing I'm really struggling with is determining insurance now that I have a newborn kiddo. Things like life insurance weren't a big deal when it was just me and the wife, but now since we have a kid I have been advised that.
That said, from what I understand when it comes to life insurance it's actually best to get term-life insurance from outside employer benefits. I understand that, but at the moment, it's just not within reason for me to set that up, so I want to fill it with employer-based for a year or two while I research and find a term-life plan.
So anyhow, I have life insurance setup with my company, at about 5x my annual salary at the moment - it allows me to increase it x1 every year in order to avoid doing a physical assessment - which at the moment I really don't have the time or patience to do.
But my main concern is with my spouse's benefits. She has like.... 10 different types of insurances, do any of these sound useful? I'm guessing a lot of this is more likely just advertisements for insurance companies and not actual benefits.
Disability Insurance
Critical Illness/Cancer Insurance
Accident Insurance
Hospital Indemnity Insurance
My main concern are with the insurance options below:
Short Term Disability - $7.31 per pay period paid by employer OR I can pay it myself (to avoid paying income tax on any claims) - Pays up to 60% of pay for up to 12 weeks.
LTD - $7.25 per pay period paid by employer OR I can pay it myself (to avoid paying income tax on any claims) - Pays up to 60% of pay.
LTD Extended - $1.82 per pay period - Paid by myself with post tax to bump the 60% LTD pay to 70%
Thankfully my health care plans are 10 billion times better than my spouse's so all I have to worry about are benefits like these.
I was looking for some important life decision advice - so what better place than ATOT right?
Anyhow, it's benefit election time - and one thing I'm really struggling with is determining insurance now that I have a newborn kiddo. Things like life insurance weren't a big deal when it was just me and the wife, but now since we have a kid I have been advised that.
That said, from what I understand when it comes to life insurance it's actually best to get term-life insurance from outside employer benefits. I understand that, but at the moment, it's just not within reason for me to set that up, so I want to fill it with employer-based for a year or two while I research and find a term-life plan.
So anyhow, I have life insurance setup with my company, at about 5x my annual salary at the moment - it allows me to increase it x1 every year in order to avoid doing a physical assessment - which at the moment I really don't have the time or patience to do.
But my main concern is with my spouse's benefits. She has like.... 10 different types of insurances, do any of these sound useful? I'm guessing a lot of this is more likely just advertisements for insurance companies and not actual benefits.
Disability Insurance
Critical Illness/Cancer Insurance
Accident Insurance
Hospital Indemnity Insurance
My main concern are with the insurance options below:
Short Term Disability - $7.31 per pay period paid by employer OR I can pay it myself (to avoid paying income tax on any claims) - Pays up to 60% of pay for up to 12 weeks.
LTD - $7.25 per pay period paid by employer OR I can pay it myself (to avoid paying income tax on any claims) - Pays up to 60% of pay.
LTD Extended - $1.82 per pay period - Paid by myself with post tax to bump the 60% LTD pay to 70%
Thankfully my health care plans are 10 billion times better than my spouse's so all I have to worry about are benefits like these.
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