Some things to look for in a Disability Insurance policy are how long the elimination period is, how long the benefit will last, whether it pays if you are unable to go back to work for your own occupation, if there are opportunities to buy additional coverage in the future without evidence of insurability, and the amount of income that you would receive if you were to become disabled. A good Disability Insurance agent can help you find a policy with the most important features, while still keeping it within your budget.
The things to look for in a disability insurance policy are as follows:
1) Is it short term (under 6 months) or long term (at least 2 years)?
2) How long is the elimination period (how long until you start getting paid benefits) the most common are 30-60-90-180-360 days?
3) How long is the benefit period (how long do they benefits pay for) common benefit periods are 2-5-10-20 years or age 65 or age 67?
4) What is the rating class of your occupation (1A-5A) the lower the number the higher the premium? Blue collar versus white collar occupations
5) How much does the benefits reduce when you become eligible for Social Security benefits (there are riders to increase that reduction)?
I would highly recommend using an experienced independent broker to find the right coverage at the best price for your unique situation.
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1) Is it short term (under 6 months) or long term (at least 2 years)?
2) How long is the elimination period (how long until you start getting paid benefits) the most common are 30-60-90-180-360 days?
3) How long is the benefit period (how long do they benefits pay for) common benefit periods are 2-5-10-20 years or age 65 or age 67?
4) What is the rating class of your occupation (1A-5A) the lower the number the higher the premium? Blue collar versus white collar occupations
5) How much does the benefits reduce when you become eligible for Social Security benefits (there are riders to increase that reduction)?
I would highly recommend using an experienced independent broker to find the right coverage at the best price for your unique situation.
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