Best Insurance Blog and Articles

Car Insurance With Peer To Peer Car Sharing

David — Sun, 29 Jan 2012 18:15:15 +0000

What Is Car Sharing?

How Are Vehicles Insured With Car Sharing Services?

A lot of people would prefer not to own a car. This may be especially true in large urban centers with parking hassles and good alternative forms of transportation. Still, once in awhile the need for a personal vehicle may come up. A family vacation, business trip, wedding, funeral, move, or large purchase may just be easier with personal transportation.

Of course, you can always use a traditional car rental company. You can rent a variety of vehicles for a day, a week, etc. However, car rental companies have some disadvantages.

Car rental rates may be high, especially for the rental of some vehicles, or during peak times.
There is a lot of confusion about car rental insurance. Sure, you are free to purchase an over the counter insurance policy, but these are expensive, and may not cover everything.
The vehicle rental office may not be convenient to you. You have to get there, and you have to get home after you turn in the vehicle.

To answer these issues, peer to peer car rental services have popped up over the last few years. This is also called car sharing. Basically, vehicle owners will have scheduled times when their personal cars, or other vehicles, are open for borrowing. People in the area may opt to borrow a car from an individual who offers their car for borrowing.

Note that instead of calling the people who need the vehicle, renters, they are called borrowers. They are still paying for the service though.

In the same way that peer to peer loans have become more popular lately, these peer to peer car sharing arrangements have become an affordable and convenient alternative to owning, leasing, or renting vehicles.

Car Sharing Services

The middle man here is a neighborhood car sharing service which posts the vehicles and schedules, and may even handle some insurance.

How Does The Shared Car Get Insured?

Services differ between companies.

One popular peer to peer car sharing service – Relay Rides - offers car insurance to renters as part of the agreement. If the borrower does not have their own insurance the policy will cover them with the exception of a $500 deductible. If the renter pays extra, that deductible could be reduced or even waived.

Of course, this peer to peer company insurance coverage also protects the vehicle owner. The vehicle owner is also protected by the car share company’s ability to check out the borrower’s driving record in advance to make sure they are only doing business with low risk drivers.

Single Premium Immediate Annuity Advantages

FinanceGuy — Mon, 09 Jan 2012 17:18:29 +0000

What Are The Disadvantages And Advantages Of Single Premium Immediate Annuities?

This website has already discussed some advantages of immediate annuities for retirement savings. However, some time and passed and the economy has changed. I decided it would be worthwhile to re-visit the topic.

I also wanted to point out this single premium immediate annuity calculator you can use for free.

For this discussion, we are talking about fixed, single premium retirement annuities. Please understand that contracts can differ wildly, and it is up to you to discuss the details with a professional. However, we will narrow down our thoughts to annuities with the following characteristics.

Fixed Annuities – That means we are not discussing variable annuities which are much more risky, though may also have bigger returns in good years. A fixed annuity may have a fixed interest rate (like a bank account), or it may be set to a market index. Fixed annuities that are set to a market index, like the S&P 500, still should have a guaranteed minimum return.
Single Premium – This means you fund the account with one lump sum of money. You may, for example, get a distribution from your workplace when you retire, or you may decide to use money you have saved in your bank, money market, CD, etc.
Immediate Annuity – This means that you plan to fund your account, and then immediately start taking income out of it. This is a typical thing that a retiree might do. He or she funds the annuity with one lump sum of money, and then plans to take income for some set period of time, or for a lifetime.

Who Offers Annuities?

Annuities are insurance company products. Life insurance companies know how to make the calculations to estimate lifetime payments.

Single Premium Immediate Annuity Disadvantages

There are two big drawbacks to immediate annuities. If these concern you, you may want to consider an alternative way to save your money.

You will have to have a large enough lump sum of money in order to fund the account. If you want lifetime income payments, you cannot expect to get very far if you can only invest $5,000.
You will also have to give up control over this large sum of money for a long period of time. Most annuities have long surrender periods, so you will be penalized if you do decide to withdraw your money before the time period is up.

Single Premium Immediate Annuity Advantages

So why would people ever want to give up control of a large sum of money? There are several advantages of these types of accounts to consider.

Few Alternatives – The biggest reason that many people decide to use an annuity to invest their money, and provide retirement income, is that they do not like the alternatives. Bank products, like savings accounts and CDs, are paying very low returns these days. Market investments, like stocks, can be very risky.

Minimize Risk and Maximize Rewards – So what you get in return for giving up control of your money is a way to maximize your returns while minimizing risks. While most annuities are not FDIC insured like a savings account, they are backed by top insurance companies and state regulations.

Picking An Auto Insurance Company

admin — Fri, 30 Dec 2011 14:51:33 +0000

What To Consider When Comparing Auto Insurance Companies?

If you are looking for your initial car insurance policy, or if you have owned or operated a motor vehicle for a very long time, you might need a refresher class about car insurance comparisons! There are many significant things to look for, and a bit of time can help you save cash and trouble in the long run.

Sure, we always push the benefits of online insurance quotes. But we know that cost comparisons are not the only step you should take when trying to find the right coverage for your vehicles.

By taking the time to comparison shop, you can be sure you can find the best, consumer friendly auto insurance companies. You could possibly get the policy you would like at a price that you ought to be in a position to afford. A variety of helpful tools, from online insurance quotes to client review reports are at your fingertips today.

How Will You Find Top Insurance providers?

Actually, it is actually much easier to shop for auto policies than it was in years past. In the old days you had to set several visits with various agents. All of these wanted to sell you policies, so it might be stressful too. A lot of people would likely buy the first policy they saw to steer clear of all of this.

In the event that sounds familiar, you simply need to enhance your shopping skills a touch. The Net, for example, has a lot of great tools which will help you to get your concerns answered too! Take A Look At Shopper Satisfaction With Various Insurance companies It is actually difficult to know which insurer will really make you happy before you make use of them. But you may get feedback from past customers by using many on-line review web pages. Quite a few websites even post client complaints. Others publish different surveys of past consumers. This could warn you of potential problems in advance!

Auto Insurance Price Is Important Too!

Not surprisingly, in all probability you’ll choose to find a very good price for the automobile policy. It is rather simple to figure out which good insurer likes to supply you with the lowest price if you use an Internet quote form. You’ll find the bottom priced insurance firms and review them!

Life Insurance Gifting For Charity

David — Wed, 14 Dec 2011 17:20:20 +0000

Are You Interested In Charitable Life Insurance Gifting?

Stretch Your Charitable Gift With Life Insurance Gifting

Giving some, or all, of the proceeds of a life insurance policy is one excellent way to support your favorite charity or organization.

You may not have a large lump sum of cash to leave behind, but you can still leave a large sum of money behind if you use the death benefit of your policy as a gift.

This article is not meant to give advice, but just to expose you to a new thought. You should discuss your thoughts and questions about life insurance gifting with a good insurance agent.

I plan to highlight the following points in this article:

You can amplify the money you have to give a much larger charitable gift.
You may be able to take advantage of some tax deductions now.
Your family may save money on estate taxes later.
You may be able to give your gift with no out-of-pocket expenses.
You may also have a good way to keep your family happy while you are giving away assets to charity.

How Does Life Insurance Gifting Work?

There are actually several ways to do this, and you may be able to benefit from one of them while endowing your favorite charity at the same time!

Simple Beneficiary Assignment

Look at a simple example. Let us say you could set aside $500 a year to give to your favorite charity. You could also, in this example, purchase a $250,000 life insurance policy with that money. You have turned your money, and affordable premiums, into a large gift.

No Cash Out Of Pocket Strategy

If you do not want to use any cash out of your own pocket, and you already have a permanent, cash value policy, you might assign the dividends (gains) to the charity. You could do one of two things this way.

The dividends could go right to the non-profit so they get money right away.
You can even have these dividends purchase a new policy so they can benefit from the proceeds later.

Keep The Family Happy

Here’s a strategy that should keep your family, and other beneficiaries, happy in case they were expecting the proceeds from your life insurance policy. You could give other assets to the charity, like real estate, vehicles, stock, etc. Your family members will still be named on the life insurance policy so they will get cash. This strategy is used in charitable giving, as well as in business.

Tax Deductions

Some of these strategies can benefit a charity, and they can also save you money on income or estate taxes. Some laws which govern this are federal IRS rules, while others are state laws. Either way, the situation is complicated, which is why you should consult with a good financial professional before you act.

Either way, life insurance can be a great way to give!

Other Uses For Life Insurance As A Gift

Instead of, or in addition to, these strategies, you may also want to explore other common uses of life insurance gifting. Instead of giving the proceeds of your policy to charity, you may actually want to give grandchildren life insurance.

Can You Really Get Free Insurance Quotes Online?

David — Sun, 11 Dec 2011 16:07:03 +0000

Are Online Insurance Quotes Really Free?

Can You Really Get Free Online Insurance Quotes Today?

You are right to be skeptical when it comes to getting things for free. The Internet is no different than any other medium of advertising. Even the top companies can go overboard with offers that make things look a bit better than they are. So you may view an offer for a free online insurance quote with some concern.

However, insurance companies and agents have always offered to quote insurance policies for free.

Paid brokers exist. There are actually specialized brokers that do charge a fee for their services, because they take up a lot of time. This is rare. But the vast majority of agents cannot require any type of purchase when they offer you competitive prices and policies. If the broker charged a fee, they would have to be very upfront about it. You would understand the fee, and if you decided to pay for this service, you would have to believe the service was worth money.

This is all true if you want to compare insurance quotes on the phone, in person, or over the Internet!

What’s The Free Online Insurance Quote Catch?

There is no real conspiracy here. Of course, agents and insurers hope to speak with you, offer their products, and make a deal. These companies use the free service as a way to gain contact with potential customers.

When using the Internet, as opposed to visiting a live agent, you may want to spend a couple of moments safeguarding yourself though. You may notice that BestQuoteUS.com uses quote services that do a few things to help you feel confident.

The quote system participates in the Better Business Bureau Online organization. That way, you can see good and bad things people have to say about this service.
The quote system takes you to a secure server when you actually do need to enter any information. That helps safeguard your privacy.
Note that the online insurance quotes are not actually provide by this website – BestQuoteUS.com, but by a 3rd party. This is clear. We partner with a couple of other trusted companies that hook up licensed agents with customers in their local area. This is just an efficient way to operate.

So, are these quotes really free? Well, it will take you a few minutes to fill out the form. We think this is a lot faster than calling around or making appointments. If time is money, you may have to figure how much 5 minutes of your time is worth.

But otherwise, you are not under any obligation to buy anything – or even talk to anybody. That is just about as free as it gets, IMO.

Advantages Of Single Premium Life Insurance

David — Mon, 05 Dec 2011 14:09:10 +0000

What Is Single Premium Life Insurance?

Find Out If SPLi Is Good For You!

This website has already explained single premium life insurance. If you are unfamiliar with the topic, you may want to go back and browse the basics.

One Payment Equals Lifetime Coverage

Basically, a lump sum of cash is put into a cash value life insurance policy a the very beginning. This is usually a whole life policy with some sort of indexed or percentage return.

This funds the actual coverage for the rest of the insured person’s life, and it should also start the policy with a cash value. Here are some basic things to note before we discuss the advantages of getting life policies this way!

This cash value will be somewhat less than the original cash funding amount because of administration feeds and the cost of coverage.
However, in simplest terms, now the cash account should have the opportunity to grow quickly because the coverage is already funded.

This probably all seems a bit odd. Most of us are used to purchasing our policies with an agreement to making monthly, quarterly, semi-annual, or yearly payments. For some people, this odd way of doing things can have some advantages though.

Single Premium Life Insurance Disadvantages

Here are the main disadvantages of single premium life insurance. They will only be disadvantages for some people, so you need to consider them carefully to see if they would be drawbacks for you.

You do need that lump sum of money to fund the policy, usually at least $5,000 – and probably more. If you do not have a sum of cash that you have set aside for long term use, then you should probably pass.
Since you fund the policy in one step, you may not get the full tax advantages of normal life insurance policies that get funded over a period of 7 years or more. Your earnings should be tax deferred while in the cash account, and your beneficiaries should still get tax free proceeds if you pass away. However, your withdrawals may be taxed. This is NOT meant to be tax advice, but just a heads up you need to look into the current rules where you live.

Single Premium Whole Life Insurance Advantages

Now we get to the good part! There are some benefits of being able to fund your lifetime coverage right away.

You may choose a fixed interest rate return (fixed) or a market return (variable), or some hybrid with market-like growth but guarantees. This means your cash account will have an opportunity to grow, tax deferred, within the account.
You will also, of course, immediately have fully funded life insurance for the rest of your life. Your own beneficiaries will be able to collect the proceeds without having to pay taxes, and without going through the hassle of probate, etc.
Many single premium life insurance policies also have provisions to withdraw some, or all of, the cash value in case of illness or long term care expenses. This means your policy may do double duty as a life insurance policy and a long term care insurance alternative.
Your policy may also allow you to withdraw some cash for daily living expenses. So it may be useful as an income source.
Since you have a funded cash value policy, you may also be able to use it in a senior life settlement, so you can get some percentage of the actual death benefit. This death benefit amount should be higher than the cash account or surrender value.

This article is intended as a very basic 101 of some of the disadvantages and advantages of single premium whole life (SPLi). Hopefully, now that you understand the basics, you can find a good life insurance agent who can give you in-depth information that has been tailored to your individual situation.

Are Insurance Bills Killing Your Budget?

FinanceGuy — Sun, 20 Nov 2011 15:48:38 +0000

Are You Paying More For Insurance Than Anything Else?

How To Get Cheaper Insurance!

This is a shocker, but it is also quite common. When you really sit down to make a family budget, you may add up all of your various insurance expenses. These include auto, life, health, home. accident, etc. They could also include warranties and insurance policies you purchase on things that you buy – like home electronics or auto repairs. When you do add them up, the total may be larger than any other single bill you have – including your mortgage!

Do You Need Cheaper Insurance?

Your high insurance bills may be the problem, or they may actually just be a symptom of another problem. You need to consider a few things.

Are you over insured? Have you taken such giant steps to protect yourself against any risk that you are spending more than fixing the problems would cost? This problem could be real on almost any type of coverage you buy.
Do you just have too much stuff to insure? If you downsized a few things, it could reduce a lot of expenses – and this may include your insurance premiums.
Do you have the best insurance deal? You may be able to find more competitive companies, or companies that are willing to give you a discount if you bundle your coverage in a package.

Are You Over Insured?

To figure out which problem is affecting you the most, you really need to examine your coverage. You can take out all of your policies and check them, or you could sit down with a good agent who should be happy to help you. Part of a good insurance agent’s job is to consult with their clients to make sure they are adequately, but not over, covered!

Here’s an example that is only meant to illustrate a problem, and not reflect on any individual. If you make $50,000 a year, and live in a $100,000 house with half of the mortgage paid off, maybe you really do not need a three million dollar life insurance policy. You, and possibly your agent, should sit down and figure out how much life insurance you really need to protect your family.

Should You Downsize?

If you have less to insure, your insurance should cost less. Next time you purchase a vehicle, make sure you figure in the cost of insurance. If your luxury home insurance is eating your lunch, maybe more modest accommodations would actually make you happier.

Should You Shop And Compare?

Again, a little insurance shopping is one chore that may give you great returns! Many insurers provide multiple types of coverage, and they are quite willing to cut you a break if you can place multiple policies with them. If you have some type of coverage that is particularly pricy, this may be a great way to spread the risk with your other policies too. We do provide online insurance quotes to make it easy to get a handful of quotes in your local area.

The most common example of bundling discounts are auto and home insurance discounts. But I have seen advertisements for life and health too. Of course, if you already get your health through a group plan at work, this will probably not be an option.

Be A More Frugal Insurance Consumer!

Your high insurance premiums may be the problem, or they may just be the result of other problems. If you can address the real problem, you should be able to cut this expense.

Life Insurance For Seniors

admin — Mon, 07 Nov 2011 14:25:57 +0000

Seniors Life Insurance

Why Buy Life Insurance For Senior Citizens

Why would anybody look for life insurance for seniors? It is actually a common misconception that senior citizens have outlived their need for life insurance policies. However, this attitude ignores many changes in the productive lives of older people today.

Actually, many of the top life insurance companies recognize that older customers have many different needs, and they eagerly court this booming market! If you need to buy a life policy for an older person – yourself, or somebody you care for – you can use this competition to your advantage.

You may also want to explore life insurance for seniors at a page where you can get free quotes for a variety of products.

What Type Of Life Insurance Do Seniors Buy?

There is never one simple answer to most insurance questions. This one is no difference. Each individual will have different reasons they want to purchase a life insurance policy.

Consider a few things that senior citizens may be looking for.

Some older people simply want a way to provide cash for final expenses. These smaller policies will pay the beneficiary cash that can be used to pay for a funeral, settle debts, etc. This may seem trivial, but these expenses can mount up. They may be a burden for cash strapped families and seniors on limited incomes.
Other seniors have plenty of cash set aside to cover a funeral and other final expenses. They are looking for more sophisticated uses. Some may want to enjoy tax advantages, transfer wealth, or even provide for a business.
There are even some uses of life policies that you can enjoy while you are still alive.

Burial Life Insurance For Seniors

These are simply intended to provide cash to pay for expenses after the insured person passes away. In the world of life insurance, the death benefits are considered small. They usually range from a twenty-five hundred to twenty-five thousand dollars. The policy owner, which could be the family member or somebody with a close relationship to that person, may name policy beneficiaries. The beneficiary will usually be the person who is expected to handle final arrangements.

You can learn more about burial insurance for seniors here.

Estate Transfers And Business

There are also some very sophisticated and useful reasons that older people want to be covered by life policies. It is easy to illustrate this with some simple examples.

Pass On A Business: Let us say that Mr. Brown wants to pass his widget business on to a daughter who has been very involved in the business for most of her life. His two other children are not involved, but he still needs to leave them a legacy. He could purchase a life insurance policy to settle with the two children that will not own the business, and basically – buy them out – in that way. This is a strategy he could use to make sure his intended heir gets the business, and his two other children are satisfied.

Tax Advantaged Wealth Transfer: In another case, Mr. Brown would just like to leave a legacy to his heirs, or perhaps even a favorite charity. He could name the beneficiaries in his policy. Normally, the proceeds from a death benefit are not taxed.

Key Man Insurance: In order to protect a business financially, against the loss of one of the owners or top experts, some companies purchase key man insurance.

Use Of Senior Life Insurance While The Insured Person Lives

This is a more pleasant topic to discuss. There are many uses of life policies that can actually benefit the insured person while they are still alive.

Senior Life Settlements are transactions that allow older people to sell their policy for some percentage of the face value. You may also be able to borrow against the cash value of your permanent policy.

Riders (policy options) that provide for the use of some percentage while the insured person is still alive. Some may actually allow the insured person to use some of the death benefit while they are still alive in the case of an illness. This could be a long term care insurance alternative, for example.

Finding The Right Life Insurance For Seniors

Before you set out to buy a new policy, be sure to think about the reasons you may want to be covered. Also think about other alternatives to life policies, like simply establishing a savings account. You should know that there are even brokers that specialize in the senior market, and you may find they can save you a lot of time. Otherwise, a good life agent should be able to help you.

We also offer more information and free online insurance quotes here: Life Insurance For Older People.

Long Term Disability Income Insurance Basics

FinanceGuy — Thu, 27 Oct 2011 17:44:07 +0000

What Is Long Term Disability Income Insurance?

Can Long Term Disablity Income Insurance Help Your Finances?

We wrote before about short term disability insurance. This sparked a lot of questions about the differences between short term vs. long term disability income policies. Again, in answer to most of those questions, a local and professional agent or company is the place to ask your questions. We just intend to provide some general overviews and tutorials on insurance subjects.

The Need For Long Term Disablity Income Protection

This type of policy is meant to protect your income in case of a serious accident or illness. If you cannot return to work, or even to your current type of work, for a long time – if ever – it can provide income to help you keep your finances in order. Your policy will probably not replace your total income, but it may replace some of it if you lose your income for an extended period of time.

Waiting Periods

Of course, waiting periods will vary. You may have a waiting period of 60 days or 6 months. The longer the period, the less likely the policy will have to pay, and of course – the cheaper the policy. If you already have sick leave and short term disability insurance that will tide you over for 6 months, you may want to choose a long term policy that will start to pay after these benefits end.

Coverage Terms

You may also be able to pick the length of time that the policy will cover you. You may choose 6 months, a year, 5 years, or until normal retirement age. Of course, the longer the waiting period, the more the policy will cost. Some people figure they may be able to collect social security disability income within a year or so, and so they may set their coverage term to that length of time. Consult with a benefits professional or agent for your options.

How Much Does Long Term Disability Income Insurance Cost?

The price will vary by several factors. Here are some things that can affect your own premiums.

Can you sign up for a group plan at work? Some insurers will lower the rate on a group policy, or your employer may contribute some of the cost.
Your age, current health, location, and the type and amount of coverage you want will affect your price. So will the waiting period and coverage term you select. You will need to get long term disability income insurance quotes from a few companies to compare if you need to buy a private policy.

Should You Buy Long Term Disability Income Insurance?

Some people figure they will have other alternatives. It is true that social security and workman’s compensation may provide some benefits. It can be hard to qualify for these benefits, and they are not likely to replace your current income.

In addition, you need to look at different types of policies and coverage options. Some may only pay out if you cannot work at all. Others will pay out if you cannot return to your current profession, and you have to go back to work at a lower paying job.

As with most insurance shopping, you should compare the risks and benefits, figure out if the premium fits well in your budget, and get some professional help before you decide.

Short Term Disability Insurance – What To Know

David — Fri, 21 Oct 2011 14:04:38 +0000

Do You Need Short Term Disability Insurance?

Do You Need Short Term Disablity Insurance?

In the US, we spend a lot of time talking about health insurance, but what about policies that will help replace some of our incomes if we become disabled for a few weeks to a few months, and so we cannot work and make an income?

Of course, all the experts will publish the very good advice that we should have enough money saved to cover our bills for 6 – 12 months. However, the current economic situation, or just a bit of over-optimism, makes this impossible for a lot of workers today.

Can You Cope With A Short Term Income Loss Because You Cannot Work?

If you lost your income for a few weeks to a few months, would you start missing payments? For many Americans, the answer is yes. According the reports in this article, half of Americans says they cannot raise $2,000 in 30 days. Can you? If you missed your next paycheck, or your next 3 paychecks, would your mortgage, car payment, and utility bills start to be late?

Short Term Disability Insurance

Your job may offer short term disability (STD) insurance, or you may be able to purchase individual disability insurance through an agent or online. Depending upon your own personal situation, this could be a prudent move.

Will Long Term Disability Insurance Or Social Security Be Enough?

You may have long term disability insurance, but it will probably also have a longer waiting period before you can qualify for payments. You may think you can qualify for social security payments, but it is hard to qualify, and you will absolutely have a long waiting period before you can collect checks!

A typical short term policy will have a fairly short waiting period, and will be intended to cover a short term income loss. Policies differ, but here are some things that may be covered.

You or your spouse plan to have a baby, and will be out of work for 6 weeks with the new baby. In addition, there could be a complication, and a pregnant woman may need to leave her job some weeks before the baby is born.
You get the flu, and you have to stay home for two weeks until you completely recover. If your policy has a very short, or no, waiting period, you could collect for this.
You break a limb, and cannot function at your current job for several weeks.

Your good health insurance plan may cover a lot of the medical bills, but it will probably not give you an income. That is the difference between medical insurance and disability insurance.

Typical Short Term Disability Waiting And Coverage Periods

Again, policies are all different. The longer the policy will cover you, the shorter the waiting period, and the more it pays, the more it will cost. Also, your premiums may depend upon your current health and age, so that will be similar to major medical.

A typical waiting period could be 7, 15, 21, 30 or 60 days. Contrast that to typical long term care disability waiting periods which may be 90 – 180 days. With a 7 day waiting period, you could qualify for payments by your second week out of work.

If your job already provides you with a certain amount of sick leave, say 15 days, then you could choose a longer waiting period to save more money on your premiums. The idea is to get your policy to start paying after your sick leave runs out!

How long will you be able to collect payments? Again, you have to choose a coverage period. A policy may cover you from a few weeks to several months. Many people choose to select a coverage period that will end when long term coverage would start.

How Much Will The Policy Pay? You will select a payment amount. Typically, this is set to some percentage of your current income up to a maximum allowed by the policy. If you make $4,000 a month, you may be able to choose a policy that will pay sixty percent of that. This would work out to be $2,400.

How Much Does Short Term Disability Insurance Cost?

Your price will vary by location, company, features, benefit lengths, waiting periods, and coverage amounts. This is similar to any other type of insurance policy you buy. Your age and current health could also affect your premiums. The type of work you do may place you in a higher or lower risk category, and some companies may also base their price on this.

You can by individual short term disability insurance, or you may get it from your current employer. Most employers will require their employees to pay some, or all of, the premiums.

Can you deduct the premiums?

In most cases, at the current time, you do not deduct these premiums. However, your claim payments are also not a taxable event. These laws change all the time, and your situation could be unique – so please consult a tax professional or do your own research. The IRS keeps a page updated on deducting disability insurance.

Where Can You Buy STD?

If you do not have an employer based STD plan, you may want to get individual disability insurance quotes from a good insurance agent or an online insurance quote form. Be sure to compare plans and premiums for a few different companies!

Many agents that sell life insurance also sell disability policies.
You may also be able to purchase disability coverage as a rider to a life insurance policy. This can be a convenient way to purchase the coverage you want.