Can I afford Disability Insurance?
Purchasing a private disability income insurance policy, or adding disability coverage to a life insurance policy, is surprisingly affordable for most people. With the ability to choose from many carriers and products, you can tailor your policy to meet your budget and needs by adjusting the amount of coverage, the length of time payments would continue after a disability, the elimination period and other optional policy features and benefits.
Because disability insurance is a health insurance product designed to protect your income, the amount you will pay for coverage will be based on your health and lifestyle, as well as your occupation and income. |
Do I qualify for Disability Insurance? / What types of disabilities are covered?
All insurance carriers and disability policies are a little different, but qualifying for coverage may be easier than you think. Normally, there is no requirement for a physical exam.
Your policy will explain how "disability" is defined, and whether there are any exclusions to coverage. In general, private disability income insurance policies say that you are considered "disabled" if you are no longer able to work in your current occupation because of your physical or mental condition. |
When should I buy Disability Insurance?
The best time to buy disability insurance is now, while you're healthy. Don't wait until your next big bonus at work to purchase coverage; many policies can be customized to include cost-of-living adjustments, so your policy benefits will rise with your income over the years. |