Social Media Strategist, Disability Insurance Services, California
Depending on your health, age and occupation, the time to get DI can vary. But for almost everyone, the sooner you can get it, the better. The younger you are, the cheaper your policy will be. Also, illness and injury can strike at any time and at any age, so if you’re healthy now, it’s better to purchase DI coverage before you have the chance to become unhealthy. If you’re concerned that your income will grow in the future, you can add a rider to your policy that will allow you to add more coverage at a later date, or you can buy more DI when the time comes.
NOW... hehehe. You can't get DI soon enough. Yet the question can be changed to, "Will I qualify for DI & should I consider additional options?"
Will you qualify >> Di underwriting is pretty messy. Where you work, how long you've been there, what you DO, what you make, your health, your lifestyle, & much more will determine the carrier you should apply with, what benefit length & amount you'll receive, & what "health tier" you'll receive. Although there is a LOT to gather for a disability quote, an experience, independent agent should make it a smooth process. I Might just know one!
Additional Options>>> simply said, the reason for buying a DI plan is to replace lost income if you are not able to work. Yet allow me to point out a issues that stump the DI process:
What if you don't "earn an income? Such as a stay at home parent.
Maybe you just entered the work force or started a completely different career & you have no "income history".
Lower income earners face the challenge that most DI plans only replace up to 60% of their income while out on a claim. They're already having a rough time making ends meet... & now the income is down 40%??? OUCH.
"So Gravy. What can we do in addition to or instead of DI?"... Great question. Thanks for asking :-) DI is a great foundation for anyone who earns an income. Yet consider other protection plans in addition to, or instead of, a standalone DI Plan.
> Critical Illness: Receive a single payment of $5,000, $10,000, $50,000, or as much as $500,000 upon DIAGNOSIS of a specified disease or condition. Fantastic protection for everyone... Yet in this post, Low/No income wage earners should definitely consider this.
> Hybrid / Living Benefits Life insurance: There are various life products that have either rides or acceleration of benefits for Disability &/or Critical Illness. As an example, I have a client that is young, modest income, & decided that a single plan with life, disability, & critical illness benefits. She's hedged her bets with a single policy that covers multiple areas.
When to buy & what is the best disability plan??? Your specific situation will determine that. When you speak to an agent, I hope ALL your options are discussed.
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Will you qualify >> Di underwriting is pretty messy. Where you work, how long you've been there, what you DO, what you make, your health, your lifestyle, & much more will determine the carrier you should apply with, what benefit length & amount you'll receive, & what "health tier" you'll receive. Although there is a LOT to gather for a disability quote, an experience, independent agent should make it a smooth process. I Might just know one!
Additional Options>>> simply said, the reason for buying a DI plan is to replace lost income if you are not able to work. Yet allow me to point out a issues that stump the DI process:
What if you don't "earn an income? Such as a stay at home parent.
Maybe you just entered the work force or started a completely different career & you have no "income history".
Lower income earners face the challenge that most DI plans only replace up to 60% of their income while out on a claim. They're already having a rough time making ends meet... & now the income is down 40%??? OUCH.
"So Gravy. What can we do in addition to or instead of DI?"... Great question. Thanks for asking :-) DI is a great foundation for anyone who earns an income. Yet consider other protection plans in addition to, or instead of, a standalone DI Plan.
> Critical Illness: Receive a single payment of $5,000, $10,000, $50,000, or as much as $500,000 upon DIAGNOSIS of a specified disease or condition. Fantastic protection for everyone... Yet in this post, Low/No income wage earners should definitely consider this.
> Hybrid / Living Benefits Life insurance: There are various life products that have either rides or acceleration of benefits for Disability &/or Critical Illness. As an example, I have a client that is young, modest income, & decided that a single plan with life, disability, & critical illness benefits. She's hedged her bets with a single policy that covers multiple areas.
When to buy & what is the best disability plan??? Your specific situation will determine that. When you speak to an agent, I hope ALL your options are discussed.