But people at all asset levels buy the insurance, especially if one of their goals is to leave an inheritance for their spouse and children. Fla. But it's expensive security. Your top priority should be to fund your own retirement. And you don't want to dip into your savings to pay premiums, which should come out of your discretionary income. Experts believe that premium increases are inevitable as insurance companies get a clearer picture of their risks.
Premiums are age-related.
An elimination period of 90 to 100 days is about right for most people. But you might consider one as a fail-safe before you get there. But these policies aren't always as good a deal as they seem. Premiums are almost always paid solely by employees, with no employer contribution. Coverage for active employees, and possibly spouses, may be guaranteed, but under some plans insurers apply underwriting standards to each employee and coverage is not a sure thing.