Disability Insurance & tuning insurance

[Wimblees@AOL.COM]

In a message dated 98-12-17 14:11:46 EST, you write:

<< It is my understanding from my agent's information that diability insurance
 lasts for five years. After that Social Security takes over.
 Mine kicks in after six months and covers basics. It last five years.
 SInce it covers basics, the premiums are lower and it is not worth my
 while to become disabled. :-)
 
 There might be longer term coverage, In don't know, but I'm sure it
 would cost more.  One could end up insurance-poor if you don't look out.
 
 Jon Page
  >>


Before I became a piano tuner, I tried selling insurance for a company that
specialized in disability insurance, so I am somewhat familiar with it.
Coverage can be bought is several different ways. You can get policies that
will wait from 1 week up to 1 year before you start receiving benefits, and
you can get policies that will pay from 6 months up to life time. Of course,
the shorter the waiting period, and the longer the time benefits are paid, the
higher the premium. 

I should point out that just as with life insurance, the younger you are to
sign up for the insurance, the lower the premiums will be. But as I said
before, if you get a policy from a company that is non canceble with
guaranteed rates, you will be asured you can keep that policy, and pay the
same rates for as long as you live.  Be very careful of this last part. As
Jeff mentioned, there are companies that say the rates are guaranteed not to
go up unless the rates for everyone else in your classification go up. That
just means that when you reach a  certain age, or when you become permantly
disabled, your rates will be raised. What they are trying to do is raise your
rates to the point where you can't afford them any more. Which reminds me, you
can get a rider on your policy that will waive the premiums while you are
collecting diabability benefits. 

Wim 

PS Do you think we could sell piano tuning insurance, that is non canceble,
with guaranteed rates. Get your piano tuned every 6 months, at $100 per
tuning, for 5 years, at a rate of $175 per year, and if they pay all at once,
they can get a 10% discount. That would include free voicing and 1 complete
regulation during the five years. Any body out there that does something like
this?