The cost of a long term disability policy will vary based on quite a few factors. Here are a few:
1. The amount of monthly benefit you select. The higher the benefit, the higher the cost.
2. Your specific occupation. The more hazardous your occupation, the more the insurance company will charge for the coverage.
3. The riders you choose. Disability contracts have "riders" which are additional options and features that can be added to your policy. An example would be Future Purchase Option (FPO) which is the ability to buy more benefit as your income goes up without having to through medical underwriting.
4. Your age and health. Disability insurance is more expensive the older you are. If you have health concerns, a disability carrier could charge an additional amount or decide to exclude a specific health issue in your policy.
.JPG){kind=avatar}
1. The amount of monthly benefit you select. The higher the benefit, the higher the cost.
2. Your specific occupation. The more hazardous your occupation, the more the insurance company will charge for the coverage.
3. The riders you choose. Disability contracts have "riders" which are additional options and features that can be added to your policy. An example would be Future Purchase Option (FPO) which is the ability to buy more benefit as your income goes up without having to through medical underwriting.
4. Your age and health. Disability insurance is more expensive the older you are. If you have health concerns, a disability carrier could charge an additional amount or decide to exclude a specific health issue in your policy.
5. Tobacco usage. Smokers pay a higher premium.