What do you believe is "adequate LTD insurance?" I have LTD, and have since my late 30s, but determining what is "adequate" has always been a challenge to me.
As you said in another post, and being a self-employed business owner, I agree on the "own" option. This is one area I do not skimp on and my policy is through my business insurance broker, but is a carried by Principal. I set my percentage at 75% of what my actual monthly payroll to myself is as that was more than adequate to cover all our expenses plus a little. My annual policy is $5800/year. I'm sure I could get it cheaper, but I don't try to save on insurance premiums vs making sure I have great coverage. I don't try to save pennies when it comes to things that are important, like insurance, accountants, lawyers... I'm willing to pay. As much as I have paid my lawyers, they have returned ten fold on the dollar, easily... i feel the same way about insurance. It's been covered more in recent years, but we, as males in our age range, are MULTIPLES more likely to be LTD than dead, yet everyone focuses on Life instead of LTD insurance. This is why people go bankrupt when ill or injured, because they can't afford the health premiums with loss of income... ALWAYS gets ignored.
There are SOOOOOO many great topics/comments in this forum that I want to respond to, but for my story, which is a little bit different than most, they all thread together. What I will probably do is start a thread about how I am set up and what and why my philosophy is what it is regarding personal finance (and all my business finances tie into that). I don't disagree with ANYTHING that ANYONE has said ANYWHERE, but most of what I have read in all the threads is what I would call "traditional/old paradigm" approach vs. what I am doing. Again, that in no way, shape or form means that I think there is anything wrong with what the "traditional" approach is, I just think that things fundamentally shifted starting in the 1970's (pension vs. 401K type stuff) for all this planning and the threads reflect that. My approach definitely involves more "risk tolerance" in terms of life choices (not necessarily personal finance choices) as I wanted to break free as much as possible from "traditional career/investing/retirement" path as possible because since the 1970''s, EVERYTHING in these choices we are talking about survive at the whim of the congressional pen (e.g., SS, 401K, IRAs, SEPs, TSPs, college savings plans, most insurance, inheritance issues...) and I'm guessing more people here than we think will eventually get means tested out of (or greatly reduced "benefit") in our lifetime. In our kids lifetime, unless there is drastic change, I expect to see top 5% be means tested out of most tax beneficial retirement vehicles if not some (or all) govt taking of 401K/IRA money "for the greater good." I don't mean to start ANY political discussion with this, it will just explain my philosophy and what I am doing.