Losing your medical and insurance
11-21-2016, 11:26 AM
#51
Underboob King
Joined APC: May 2005
Position: Guppy Commander
Posts: 4,412
I have the maximum ALPA LOL insurance and no extra life insurance. If my wife can't live on 825K she'll need to get a cheaper boyfriend.
I thought I might be losing my medical recently so I got the LOL insurance before my next class 1 Don't even notice the premium as it is payroll pay roll deducted. Need to call USAA and get that umbrella policy. Just convinced my elderly parents to get one to protect their assets( 90 yo driver).
All this stops at 65 but SS doesn't kick in till 67? or later? That is the gap we are going to face. Better to save outside of your 401K/IRAs to cover those years.
I thought I might be losing my medical recently so I got the LOL insurance before my next class 1 Don't even notice the premium as it is payroll pay roll deducted. Need to call USAA and get that umbrella policy. Just convinced my elderly parents to get one to protect their assets( 90 yo driver).
All this stops at 65 but SS doesn't kick in till 67? or later? That is the gap we are going to face. Better to save outside of your 401K/IRAs to cover those years.
11-25-2016, 05:47 PM
#52
Doesn't Get Weekends Off
Joined APC: Jun 2007
Posts: 2,598
Loss of License insurance becomes crazy expensive once you get to be about 40. I had it until last year then dropped it because of cost. I had the 1200/mo and 100K lump sum policies. I figure I'm self insured for at least 100K now and couldn't justify the costs of that any longer.
I figure I can make due on 50% of what I'm making now if I made some changes, so I don't buy any additional disability insurance. More would always be nice, but it is some expensive stuff once you get older.
Term life insurance is a must for anyone married with kids. Best plan is to get level term coverage. I got a 15 year level term policy at age 35 that is cheap. $450/year for 1 Million on me, 500K on my wife, and 10K on each kid. I'll renew that at age 50 which will be expensive, but that will give me lots of insurance until age 65. Get enough to pay off all your debts, pay for kids college and weddings, provide a big enough account for your wife to live off the interest.....you can include the balance of your 401K in making that calculation. For me, I figure I needed 4 million with 4 young kids and a big house. As your kids leave the house and finish college, as your mortgage disappears, and as your 401K grows, you should reduce the amount you buy.
Most of us by age 60 shouldn't need anything other than the policy Delta provides. When you are young, you need a lot more than they provide.
I figure I can make due on 50% of what I'm making now if I made some changes, so I don't buy any additional disability insurance. More would always be nice, but it is some expensive stuff once you get older.
Term life insurance is a must for anyone married with kids. Best plan is to get level term coverage. I got a 15 year level term policy at age 35 that is cheap. $450/year for 1 Million on me, 500K on my wife, and 10K on each kid. I'll renew that at age 50 which will be expensive, but that will give me lots of insurance until age 65. Get enough to pay off all your debts, pay for kids college and weddings, provide a big enough account for your wife to live off the interest.....you can include the balance of your 401K in making that calculation. For me, I figure I needed 4 million with 4 young kids and a big house. As your kids leave the house and finish college, as your mortgage disappears, and as your 401K grows, you should reduce the amount you buy.
Most of us by age 60 shouldn't need anything other than the policy Delta provides. When you are young, you need a lot more than they provide.
12-02-2016, 07:18 AM
#53
Gets Weekends Off
Thread Starter
Joined APC: Mar 2012
Position: 320B
Posts: 454
Does anyone know if Delta's LTD is distributed tax free? Or are we taxed on it?
Also we get 50% of our final earnings correct? Seems low I would prefer around 60-70% but didn't know if there was a way to pay extra if we want on our own to increase the amount of LTD we have.
Also we get 50% of our final earnings correct? Seems low I would prefer around 60-70% but didn't know if there was a way to pay extra if we want on our own to increase the amount of LTD we have.
12-04-2016, 10:01 AM
#54
Gets Weekends Off
Joined APC: Feb 2008
Posts: 19,704
Does anyone know if Delta's LTD is distributed tax free? Or are we taxed on it?
Also we get 50% of our final earnings correct? Seems low I would prefer around 60-70% but didn't know if there was a way to pay extra if we want on our own to increase the amount of LTD we have.
Also we get 50% of our final earnings correct? Seems low I would prefer around 60-70% but didn't know if there was a way to pay extra if we want on our own to increase the amount of LTD we have.
Edit:effective 1 JAN the disability DC payment will be 32%.
12-04-2016, 12:30 PM
#55
Gets Weekends Off
Thread Starter
Joined APC: Mar 2012
Position: 320B
Posts: 454
Since the disability is entirely company funded its taxed. DPMA is pilot funded and not taxed. Keep in mind that Delta unlike other airlines pays 30% into your DC plan on that disability payment so your net is 65% of earnings with that last 15% tax free.
Edit:effective 1 JAN the disability DC payment will be 32%.
Edit:effective 1 JAN the disability DC payment will be 32%.
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