How can I Secure a Disability Income Insurance Policy that Meets my Needs?

Multiple considerations contribute to securing the best disability income insurance policy for your situation. A few are discussed below.

The Right Carrier

Insurance is only as good as the insurer's ability to pay claims. For that reason, the quality of the insurance company is very important.

A plethora of insurance companies exist and many offer disability income insurance. Make sure that you choose a provider that offers the type of policy and policy riders you seek.

The Right Type of Coverage

Securing the right type of disability income coverage can be confusing, but it doesn't have to be. There are a variety of factors and issues to consider when purchasing a policy, and we can help.

We will work with you to define your needs and explain the differences between your coverage options so that you are comfortable with your policy contract.

The Right Waiting Period

All policies have a waiting period -- a length of time after you have become disabled, yet before you are eligible for benefits. This time can range from 30 days to three months, depending upon the options available from the insurance company. During this time you are, in effect, self-insuring your loss by using other financial resources to provide income.

You choose a waiting period for your policy when you apply for coverage. A longer waiting period will result in premium savings.

The Right Benefit Amount

Your pre-disability earnings determine the maximum benefit amount you may purchase. A good guideline is to secure 70 percent of your pre-disability earnings. Many are not insured to this level, failing to secure optimum protection.

Additionally, certain policy riders can be added to your policy to help best suit your coverage to your situation.

Contact us to discuss your need for disability income insurance today!