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How to Find Cheap Disability Insurance

Daniel Walker
Licensed Insurance Agent for 15 Years

UPDATED: Mar 31, 2020

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If you are searching for cheap disability insurance then you are probably someone who cautiously plans for the future. Disability insurance can very well save you and your family from destitution.

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If you were to suddenly become disabled and were unable to work, such a policy in place would provide regular income for a specified time. Learn why this coverage matters and how to find a cheap policy that truly meets your needs.

Why Disability Insurance is Important

Accidents happen every day and no one can predict your future. A wise person plans ahead so that they and the rest of their family are protected. Unfortunately, we don’t all have extra cash to burn, so finding a cheap deal on disability insurance is imperative.

The facts are startling; statistics show that one out of every seven people working in the United States today will become disabled for over five years or more. Reports also suggest that more people are losing their homes due to disabilities than fire or death.

When most people hear the term “disability”, the first thing they think about is falling victim to an untimely accident. Many workers downplay the need for disability insurance, correctly assuming that these scenarios are rare.

However, the vast majority of disability claims are actually due to unforeseen illnesses, such as heart problems or cancer, and not unpredictable accidents. Natural illness can definitely render a person unable to work.

Once you really see start to see the risk involved of living without disability insurance, finding a policy to fit your budget takes top priority. Disability insurance typically covers from 45% to 75% of your gross income, and is usually tax-free. Most individuals pay on a monthly schedule, often for a set period of time, or until the disabled party reaches the age of retirement. However, this condition varies from policy to policy.

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Reading the Fine Print

The first thing to do is to talk with your employer about disability coverage. If they do not offer such a plan, you will have to buy a private insurance policy to cover this need. If a group plan is not available, it is time to do your homework and shop around to compare disability insurance policies.

You are going to need to compare both policies and insurance companies. You are not only looking for the lowest rates but also for what financial benefits you can expect should you become disabled. A good understanding of various insurance terms used helps.

Always make sure that you understand items and inclusions pertaining to non-cancelable and guaranteed renewable. Everyone’s policy price will differ, since factors such as gender, current health, age, and the amount of coverage you want will all affect the final cost. All insurance providers factor in these things differently, which is why getting several quotes is so important. Using the Internet to get fast basic quotes for comparison surely does make this process easier and faster.

If you believe the rates you have found are too high, ask your insurance company about additional options, such as extending the waiting period. If you can wait some time to receive your first check from the insurance company, they will lower your total premiums. You can also go for short-term disability, which will usually only cover you for up to a year.

Cheaper Plans vs. Quality Plans

Another scenario that could affect your rates is if you get a policy that pays out whenever you are unable to work in your chosen profession. Let’s say that you are a pianist, doctor or someone who uses their hands extensively in his/her work. One day, you injure yourself or get an illness. Because of the damage suffered, you no longer have the precision needed to continue in your occupation.

If you bought a policy that promised to pay you when you are unable to work in your chosen profession, then payments would start right away. However, these policies tend to be more expensive. Cheaper plans do not offer a payout, under the assumption that you could easily change careers and start making money again. Carefully weigh your options; this scenario can save you a great deal of money up front, but can cost you dearly in the long-run.

Only you know what type of disability insurance is right for you. Sit down and calculate your income and expenses and figure out how many years you have until retirement age. Review your risk of disability and make an educated guess.

The next step is to contact an insurance agent or to go online and start comparison shopping. The best way to find cheap insurance is to get out there, educate yourself so that you understand the fine print and terms, and find a policy that works for you. Protect you and your family’s future today!

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