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The waiting period itself is often set by you, the policyholder. Typically, when you are shopping for disability insurance you will be quoted on coverage that kicks in after a certain period of time. However, you can choose your own waiting period from 0 days, 30 days, 60 days, 90 days or even longer.
Making the Right Choices for Disability Insurance
When you are looking for disability insurance coverage, you will need to make certain decisions.
- Percentage of Wages- Typically, a plan covers up to a maximum of 60%. You will also need to select the period of time you will want to be able to receive benefits. If you become disabled, you may want your coverage to continue until you turn 65. However, you can also get much less expensive policies that only give you coverage for a couple of years.
- Waiting Period- The waiting period or elimination period is another thing you will have to make decisions about. Choosing the longer periods will mean that you save money on your premiums. Choosing shorter or no elimination periods will mean that you pay more for the coverage. Consider how long you could survive on savings before really needing your disability insurance coverage and that should tell you how long your elimination period should be.
The statistics on disability insurance are staggering. 3 out of 10 people will become disabled before they retire. Only a small percentage of them will be eligible for worker’s compensation or Social Security Disability Income. This means that in order to protect your future and your family’s future, disability insurance is extremely important. It could mean avoiding financial disaster. So, make sure that even if you have to make compromises on what you’d like to have, that you do have some amount of disability insurance protection.
What Disability Actually Means
There are an amazingly large number of illnesses and injuries that can cause you to become disabled. Any condition that causes you to be incapable of working can be a disability. The illnesses and injuries that could disable you include those that affect the different anatomical systems such as neurological, cardiovascular, musculoskeletal, respiratory, endocrine and even mental disorders. Each insurer sets its own guidelines for what constitutes a disability, but for the most part, it mirrors the Social Security list of disabling conditions.
Purchase a Disability Insurance Plan Now
You can start shopping now for a disability insurance plan to protect your future by simply using the online quote tool. To do so you type in your zip code and answer a variety of questions that will appear on your screen. The questions are the typical ones a disability insurance provider would ask. Your information is then transmitted to disability insurance companies serving your area. Before you know it you will get multiple quotes to choose from.
When you start to compare you will find that prices vary somewhat from company to company. This is because every insurance company has its own guidelines and what may be important in determining rates for one may be less important than others.
In addition, many disability insurers offer discounts for members of certain groups, payment in full and other factors. However, be wary of a quote that is considerably lower than all the rest. The company may be experiencing difficulties or the policy may be inferior to others you are considering.
As a part of the selection process you should also look at the financial stability of the insurer you are considering taking out a policy with. You can do this by finding out its insurance rating as assigned by one of the independent insurance ratings companies, like A.M. Best, Fitch or Moody’s. Check into its customer service reputation also by contacting the state department of insurance or by doing an online search.
Disability affects a shocking number of American households, over 51 million in fact. However, only 30% of the population carries long-term disability insurance coverage. Lack of income from disability often leads to a number of other problems. Almost half of all mortgage foreclosures are caused by it, and approximately 350,000 personal bankruptcies each year are due to disability. Every employee needs to carry disability insurance.
Look into getting coverage typing your zip code into the box and reviewing disability insurance quotes today!