But perhaps the most overlooked item is your human value, the ability to earn income over your working life. Providing an income stream for your family or business partners is a critical component to defensive planning.
Disability premium pricing depends on your medical information, behaviors and your compensation. Medical information is collected such as gender, age, smoking status, health history, current medical condition, etc. Behaviors like dangerous recreational activities, hazardous vocations and motor vehicle violations. And how much of your compensation do you want to coverage within the limits of disability insurance? The generally rule of thumb for a nonsmoking healthy male covering 60% of his compensation can be 3 to 5% of the compensation coverage.
There are too many factors to answer this question simply. To calculate a quote on disability insurance an agent needs your age, build, state of residence, occupation, length of employment, health status, life style, income, net worth and experience in your current field. Then the type of policy you need both short term and long term. Then we would need the elimination period and the benefit period and any riders you may need. I highly recommend using an independent disability broker to help you maneuver through this maze of questions. Almost all of us offer our expertise free of charge.
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Disability premium pricing depends on your medical information, behaviors and your compensation. Medical information is collected such as gender, age, smoking status, health history, current medical condition, etc. Behaviors like dangerous recreational activities, hazardous vocations and motor vehicle violations. And how much of your compensation do you want to coverage within the limits of disability insurance? The generally rule of thumb for a nonsmoking healthy male covering 60% of his compensation can be 3 to 5% of the compensation coverage.