Disability Insurance Quote
Understanding Disability Insurance Quotes
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
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 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 Disability
The 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 Disability
Some 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
- Waiting Period
Each 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
- Benefit Period
You 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!
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