Originally Posted by
BPWI
The 2 group plans paid out 5K and the other 60% of your salary up to 10K a month. I never got the cost from them, but it would have been a 10K/mo payout with that particular position. The issue is that most group plans only cover that for 2 years. After that, you must be unable to perform ANY occupation to continue the benefit. Devil is always in the details.
Was that through Harvey Watt? What year were you quoted this?
Here is the Harvey Watt info
http://harveywatt.com/insurance-plan...SAAEgI00vD_BwE
Here is the extended long term policy.
http://harveywatt.com/uploads/files/...c2b7af18a7.pdf
If I recall correctly I looked at buying 2 plans. The first was the Harvey Watt plan that kicked in after one year and paid out for 48 months which essentially took you to 5 years. The second plan started at year 5 and went to 65 which was the extended plan.
So the plan we looked at started one year after losing the medical and takes you to 65. It was pretty reasonable just with no inflation adjustment down the road it will get tight.
Also if you lose your medical they are going to try to do everything possible to help you get it back so they can avoid paying out which is good.