@A MyParkinsonsTeam Member

Yes, my policy was based on "my own profession / occupation" so it provides to age of 65. Since I paid the premium with after taxed money, the benefit is tax free income to me... Normal disability benefits provided by your employer and paid by them is fully taxable to you....

Yes, its a crime, that when you need various types of insurance - they denied you, but unfortunately a business reality, that a person with an illness such as Parkinson's is a increased risk, so they (insurance company) consider that a bad risk and don't participate in this market.

Do I agree with their decision.... Hell No.... But that life, and the reason I share this minor detail with others.... to "lock in" a policy, if they were interested in the benefit now, before you do get this type of disease....

Generally once you have an insurance policy over 1-2 years they can not cancel a policy with a guaranteed renewable clause.... But you need to do your do diligence, because there are no free lunches, you pay for.... What used to be "standard" 20-30 years ago are now all optional and each has a cost for it.

I truly don't know what the answer / solution is.... I was brought up in the environment, that nobody owed me anything, and that it was up to my God given gift to provide for myself and family.... I suppose that why I'm pretty frugal, and at time denied myself instant gratifications... and that is a personal choice I made. Since my diagnose of PD, I've had to do so really hard reassessment & reality check, that continue to change... as my disease matures... Alan

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A MyParki...

@A MyParkinsonsTeam Member

YES, You never know what life has in store for you.... I was very fortunate back in 1986, I walked away from a head-on collusion on a free way coming back from a customer meeting... I was very naive, and never pressed charges against the bank president who hit me head on in the bad weather....

BUT it really made me realize how my life could have easily turned a different way and could have been dead, or permanently disabled.... So I made it a point for myself & family to protect them, and purchased a large 20 year term insurance policy and bought my own private long term disability insurance... each cost say $2000 per year.... So that over 25 years I "invested" in myself.... and passed on many "wants of life" So that was $100,000 I paid out in premiums... I still have a large term insurance policy, and the private personal disability insurance is paying a benefit that will be a multiple of the premium I paid into...

Unfortunately both go away when I turn 65.... As you may know or not know.... Once it shows in your records that you have a permanent disability due to Parkinson's or any other brain related disease... You can no longer purchase any type of insurance by yourself.... that's term, whole life, disability, long term care... thing that could protect you and your family are gone... Your only hope is to latch onto something while your employed with a large group policy at work....

Have you ever though how much the annual premium would cost if you had to pay ??? Many of us, including myself have no retirement income from our career - mine lasted +42 years.... Companies & government are not struggling trying to meet those "promises" which are total unsustainable... and are ready to implode... The closest thing we CAN do is by an Insurance Annuity....

A $100,000 single payment annuity pays about $5,000 / year for life... Take a minute to multiply how many Annuity Insurance Policy you'd need to fund your "Retirement / Illness" benefit... So for a $50.000 / year benefit you would need to deposit (Phone number can only be seen by the question and answer creators) today ! That why it is so important to teach our kids about money and preparing for their retirement.... Today !! Sobering...... Alan

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A MyParki...

Unfortunately that's the system. I was lucky enough to retire from the state of Texas with 19 years of service and I draw my retirement from the state and also social security disability and although it's not as much as as I was making when I was working, it is close. And another plus is the state continues to pay my insurance premiums for me and that was the case when I was on active work also. Texas has some really good benefits for it state employees. I wish you luck.

I too have been thinking about this for months now but just couldn't bring myself to ask.

It is impossible to survive on SSDI alone I have a pension from the Merchant Marines little more than my SSDI my wife is a nurse she still working makes righteous bucks. To tell the truth if it wasn't for my wife I be homeless