enough disability insurance?

Home Insurance enough disability insurance?

  • Avatar flashdoc 
    Status: Physician
    Posts: 6
    Joined: 07/24/2018
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    Coworker just got creamed by a car on a bicycle and now I’m taking another look at my disability insurance.

    I am 42, stay at home spouse, 2 kids.  No debt other than primary mortgage and saving 30% of my income.  FI predicted at age 55-57.

    I have a policy from The Standard which is own occupation that would pay me $5300 a month in case of disability. I work for the VA and would get 40% of my income if I qualified for “disability retirement”. They don’t use the same language, as far as “own-occupation”, but it sounds like it would pay me if I could do my job as a physician who performs procedures.  Here is a quote from the eligibility website.

    “Your agency must certify that it is unable to accommodate your disabling medical condition in your present position and that it has considered you for any vacant position in the same agency at the same grade or pay level, within the same commuting area, for which you are qualified for reassignment.”

    These two programs together would approximate my current monthly take home pay.  Assuming I also have a decent emergency fund to cover the delay in getting approved for disability pay, is this enough?  Any experience with the VA policy?  Can I count on it?

    I appreciate your help!

    #221040 Reply
    DK Unger DK Unger 
    Status: Website Sponsor, Insurance Agent, Small Business Owner
    Posts: 112
    Joined: 01/08/2016

    Does your Standard individual disability policy have a “benefit increase” or “future purchase option” rider included? If not, it might be a good idea to explore establishing another individual policy with that rider or going through underwriting to add that rider to your existing policy. That rider will allow you to purchase additional coverage without medical underwriting, and could prove extremely valuable should you lose the VA (FERS) coverage and need to increase your individual coverage.

    Independent Insurance Agent - dku(at)

    #221095 Reply

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