When buying Disability Insurance, ask if it will pay you a benefit if you are unable to perform your own job, or any job. The feature is called "own occupation". Purchase the policy that will allow you to collect if unable to perform your own occupation, if you can afford to do so.
Ask if it will pay for "partial" or "residual" disability. Residual benefits are more comprehensive than partial.
Ask if it is guaranteed renewable or non-cancellable. Only non-cancellable locks in premiums.
Ask how long the coverage will last. You want it to last to age 65, if you can afford it.
Ask how long the elimination period is. You will need to have that much in reserves to get you through that waiting period until your benefit kicks in.
Ask about the rating of the company. You want a secure company to make sure your benefit is paid if needed.
Ask if it includes a cost of living rider and/or a rider that will allow you to get an increase in coverage in the future. Both will help your policy keep up with your career and inflation.
Ask if there are any exclusions.
There are other questions you could ask, but those cover some important things to look at when buying Disability Insurance.
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Ask if it will pay for "partial" or "residual" disability. Residual benefits are more comprehensive than partial.
Ask if it is guaranteed renewable or non-cancellable. Only non-cancellable locks in premiums.
Ask how long the coverage will last. You want it to last to age 65, if you can afford it.
Ask how long the elimination period is. You will need to have that much in reserves to get you through that waiting period until your benefit kicks in.
Ask about the rating of the company. You want a secure company to make sure your benefit is paid if needed.
Ask if it includes a cost of living rider and/or a rider that will allow you to get an increase in coverage in the future. Both will help your policy keep up with your career and inflation.
Ask if there are any exclusions.
There are other questions you could ask, but those cover some important things to look at when buying Disability Insurance.