I am not quite sold on the idea of obtaining a disability insurance quote online as there are so many variables that determine the premium you pay as well as the benefit you receive. Disability insurance is a very complex type of insurance that some of the life insurance companies that have appropriated the idea and created policies are getting into hot water because of their misunderstanding of the product itself and how it should work. It is therefore imperative that you select a highly rated company to do business with…one that has been around for a long time.
In the event of your Disability you, as well as your family, could have Serious Financial Problems. Compare Disability Insurance Quotes and Save!
You don’t just decide you want disability insurance, go get a disability insurance quote, and are covered immediately. Any insurance company that writes worthwhile policies categorize their applicants according to occupation. This is done because people in some occupations have a tendency to malinger more than others. The premium for a policy in such an occupation is likely to be higher than that of an occupation where the insured is likely to do all that is possible to get back to work as soon as possible. The insurance company considers these things when you ask for a disability insurance quote.
- Definition Of DisabilityThe definition of disability is of paramount importance when selecting a policy on which to get a disability insurance quote. A person is considered disabled if he or she is unable to perform their duties in his or her own occupation. It should be clearly written in the policy that if you can work in another occupation but cannot do your duties in the occupation for which you are trained and from which you make a living you are considered disabled…A problem usually arises when a person finds it difficult to stay away from the occupation of their choice. They may attempt to work in an advisory capacity which may result in questions by the company which underwrites their policy and in some cases withdrawal of the benefit.You should always be aware, when examining your disability insurance quote and your policy itself, that insurance companies are more concerned about disability than the death of an insured person. One can become disabled and remain disabled for a very long time after their initial incapacity. Payment can amount to several millions of dollars depending on the amounts for which a person is insured.If a disability policy says that you are disabled if you are unable to participate in any occupation very few people would collect on these policies. You would really have to be a basket case.Let us take a surgeon who is unable to operate because of damage to his nervous system which results in unsteady hands. Surely he is disabled but he can teach. He should be paid even though he has gainful occupation. This is why you should be very careful about the definition of disability when requesting a disability insurance quote.
- Partial DisabilitySome insurance companies have a provision in their policies called partial disability. Because the insurance companies do not want to be paying a disabled person for the rest of their lives there is a clause built into the policy which says that if you can do a part of your own occupation or if you can spend only a proportion of the time you used to spend in your own occupation then you are partially disabled and would receive a proportion of the disability benefit…Because some professional people would earn considerably more than the policy would pay even if they were totally disabled and because it can be extremely difficult for a normally very active person to do nothing partial disability is in many cases quite a welcome alternative. Look out for a partial disability clause when examining your disability insurance quote.
- Waiting PeriodEach disability policy has a waiting period or elimination period before payment begins. It may be one month, three months, six months, a year or two years. The longer the waiting period the lower the premium cost.
- Benefit PeriodYou will see from your quote that the disability insurance benefit period varies. You can elect to be paid for 2 years, 5 years, to age 65 or you can be paid for your lifetime. The longer the benefit period the more costly the policy.
- How Much Disability Insurance Can You Buy?The amount of disability insurance an insurance company will allow an applicant to purchase varies between 45% and 60% of your gross income at the time of application. If a disability insurance quote offers more than that amount don’t believe it. The feeling is that after income taxes and possible other deductions the balance is usually what most people live on. Let us be practical, if a person could get 100% income at disability there would certainly be some lazy dishonest people feigning disability and ripping off the insurance companies.
Be certain your disability insurance company will pay when you need them. The Definition Of Disability can be Quite Misleading. Compare Disability Insurance Quotes and Save!