Those who spend their lives dependent upon their income should seek disability insurance coverage. Disability insurance provides benefits for those who lose their income after becoming injured, disabled or otherwise unable to perform your work. The loss of income is a serious financial setback that can devastate a family. Getting disability insurance quotes is your first step in preventing the financial pitfall that could result from the sudden loss of income due to disability.
When choosing a disability insurance plan you’ll need to determine how long you must be disabled before the policy goes into effect as well as how much your current income is. There are many factors to consider when choosing disability insurance and the best way to make your selection is by browsing and comparing various disability insurance quotes. You may find disability insurance quotes online for a simple, quick and convenient way to compare insurance rates.
As the risk of someone becoming disabled increases with age, it is best to get disability insurance immediately. The longer you put off getting covered, the higher your premiums will be. It’s also important to get insurance coverage while you are in good health and are still insurable. If you are injured and then try to get covered you will be denied or required to pay much higher premiums. Find disability insurance quotes right away to get coverage while you are still insurable and can avoid paying higher rates.
Disability insurance primarily covers the cost of replacing lost wages and doesn’t cover medical or health care expenses. If you need additional insurance make certain to get those benefits as well. Understand what benefits are included in your disability insurance policy to prevent any confusion or problems from arising in the future.
One of the most important aspects of disability insurance is proving to the insurer that the insured is genuinely disabled. For this reason (and to avoid any delays in much needed finances) determine beforehand what proof or qualifications the insurance company will require before releasing payment to those covered by disability insurance. Also important is knowing how long an insurance company will provide disability coverage for.
Before seeking disability insurance quotes it’s a good idea to see if you currently have disability insurance. Some forms of workers compensation will include disability insurance and there is also coverage under Social Security disability. Check with your employer as you may be currently covered for disability. If you aren’t covered or would like additional coverage begin by comparing disability insurance quotes so that you may find the best plan for your needs.
Disability insurance plans usually cost between 1-4% of your annual salary. It’s important to ensure that you select enough coverage to maintain your cost of living should you become disabled. As insurance companies will not completely reimburse your income determine what percentage of your income will be covered under your disability insurance plan. Most insurance companies cover between 60 and 70% of your income.
Once you begin comparing different disability insurance quotes you may find it’s a bit difficult to determine the best insurance plan for your situation. The easiest way to approach this decision is to decide exactly how much you’ll need to sustain your living situation as well as the waiting period before the plan goes into action. If you choose a plan that has a longer waiting period you may find that your premium rates will be lowered.
Though your employer may have group coverage you may still find that you can benefit from an individual disability policy. If you believe that you may leave your job at some point in the future you may find that the benefits of securing individual disability insurance is the best choice. Often group or employer disability insurance doesn’t provide as many benefits as an individual plan. Begin by comparing different disability insurance quotes and then decide which option is best for your individual needs.