Using Disability Insurance To Fund Your Retirement Account
An aging Baby Boomer population apparently is putting quite a strain on the Social Security Administration. We've seen numerous articles that point out the backlog of applicants trying to obtain disability benefits. There are over 750,000 pending requests for appeals hearings. Many individuals have probably gone through their savings and retirement accounts during the lengthy process. 
Investors Business Daily explains new disability coverage that funds your retirement account. You can buy this protection as an additional rider to a disability insurance policy. "If you already have a policy, you can get another stand-alone policy to provide funds for retirement," Bramson said. With either a rider or a standalone policy, the insurer would make contributions to a retirement fund if you're disabled. This benefit comes with a price tag. Costs vary, depending on your age, health and the payout you'll receive if you are disabled. Look at a typical 45-year-old, white-collar nonsmoker. He wants a retirement protection policy that will pay $1,500 a month if he is disabled. After a 180-day waiting period, the policy will pay until age 65. Premiums would be $668 a year for a man, $864 for a woman. Women are more likely to exit the work force due to disability. Younger people will pay lower premiums.
Wise Owl