I sleep better now. ..

[pure_ego]

It's amazing how much piece of mind $1000 per year will bring ya..

I have no reason for postin' this other than maybe somebody else will have a light bulb go off in their head because of it.

I started thinking about it from another post about bike insurance, and medical coverages..

to the point ego!

I felt like crap a week or two ago.. and for whatever reason the thought crossed my mind that I could die!

haha.. not from the crappy cold I had.. but just in general ya know... I could get run over by a reindeer this holiday season for all I know..

that got me thinking about what happens to my family afterwards... I'm pretty sure anybody that has a family.. especially one in which they are the only breadwinner (win that bread ego! ) thinks about this at some point... but anyway.

I've never been that much on putting life/accident + health on loans that I get... first of.. because I wasn't married when I made most major purchases... hehe haven't made many purchases period since I been married (honey? where'd all the money go?) .. anyway..

so here I am doing track days, riding on the weekends, eatin' junk food, smoking, and generally taking crap care of myself... with a mortgage.. a vehicle payment.. and all the normal payments.. with a 2yo that me and my wife decided would benefit from having a "stay at home mom" atleast until she started school. ..

and no kind of insurance to keep the bills paid if I can't work due to death... or whatever.

I've got adequate health care... but from prior experience.. a 20% co-pay can damn near put you in the poor house with a serious medical problem in your family. (long story... maybe some other time)

anyway.. long story short.. I stopped thinking like a single, happy go lucky bachelor without a care in the world and got myself some "sick" insurance.

in case any of you don't know what that is...

basically if I can't work for a specified period of time (mine kicks in after 30 days in most cases) it starts sending a check to my family to take care of the bills.

I considered talking to the bank about adding it to my mortgage payment.. but that really wouldn't help much... it's not that big of a payment... but when you add it with the utilities, insurance, balh blah blah blah then it becomes a problem ya know.

So I got a completely seperate policy that just pays a pre-set amount of money in the event I can't work, or die (excluding suicide... dang! )

.. blah blah blah.. get to the point EGO..

the policy costs me roughly $1,000 per year... and I never realized how much I would think about it during a normal day..

everytime I turn around I go... "damn ego.. that was a responsible thing to do.. you keep going at this rate and your gonna be a grown-up one of these days."

Assuming I keep paying the premium (locked in.. can never increase as long as I pay it) I'm covered until I'm 65.. If I make it that long I guess I'm on my own.. hehe cuz we know medicaid ain't gonna be there.. let alone SSI and all that jazz in 37 years.

I ended up figuring up everything I owe money on.. and roughly what it costs to keep this house running in a semi-normal routine per month... doubled it and signed up.

I figure I would actually make more money if I became disabled at this point. Plus I got it set up a payroll deduction ..which is done before taxes are figured.. so it's a win win.. it's like having something thats worth it's weight in gold.. and you don't even realize your paying for it..

well you realize your paying for it the first few times ... but after that you just get used to a bit less money on the check and move on.

best $1000 I ever spent I think.

 

[jessup]

Good looking out! I used to do benefit work for a company that shall remain nameless... Explaining to people the importance of Short term - Long term disability coverages- Health coverages and life insurance was so difficult it was pathetic. Out of the thousands of employess only 7 to 12 percent would opt for the right coverages regardless of the cost... Regardless of the likelyhood of injury based on their job... It used to really depress me when John Q worker would suffer an injury and be out of work for months and not be able to collect some type of pay...
So... I appluad your decision!

 

[rosco15]

I pay $18 a month for short term accident disability insurance. It pays $800 a month if I'm ever injured doing anything. Racing, bungee jumping, work, whatever. I wonder if your sick insurance would cover you if you were injured racing. The problem i found was having my NHRA license. I could get insurance, but most companies exlude you for racing. Even life insurance will cover you, but it will cost you 3X more.

 

[pure_ego]

Rosco.. I specifically asked that question..

I even fudged a bit and told them I had was CCS race licensed (it's not hard to get or whatever.. but I could actually have one) just to see how she reacted..

told her in the summer months I did many track days, and raced 2-3 times per year. Specified it wasn't drag racing or anything like that... it's road course racing... 160+ mph straights.. etc.

she said it didn't matter as long as I didn't off myself.. on purpose.

She was trying to sell me on a smaller policy like what your carrying.. but when I looked at what it normally took to feed my family plus the bills I just said screw it and went all out.

In theory... if I were to get disabled for life.. I would collect a pittance from disability insurance thru the gubmint.. plus this.. and be actually be making slightly more than I average per year at the moment..

I'm paid on commision so it fluctuates somewhat... but I figured it up from a pretty good year to be on the safe side..

if i'm gonna be screwed up I may as well have enough money coming thru to still do whatever I'm capable of doing ya know.

Plus it's long term.. if I get hurt permanetly tomorrow I'm gonna be getting paid till I'm 65 by them.. which is a wonderful feeling.

I figure most of you guys/gals are older than me and already went thru this.. I was just happy with myself

 

[mjn]

Good for you dude!

 

[Con5179]

good idea..way to keep the family in mind...

 

[MoosesBusa]

Had no idea that kind of insurance was even available. Being self employed that would be a good thing to have!!