Tips on Buying the Right Disability Life Insurance Policy

Disability Insurance ensures the beneficiary's earned income against the risk that a disability creates a barrier for completion of core work functions.  It covers us and our loved ones during both good and bad times and is a dry subject.  Therefore, I have compiled a quick list to make understanding disability life insurance easier.

Disability Life Insurance Tip #1

Buy only what you need:  Make sure you have enough coverage if you ever must make a claim and keep the policies up to date with any salary increases you get.

Disability Life Insurance Tip #2

Increase your waiting period: The waiting period is the time you must wait to make a claim. The longer you wait, the lower the cost of your premium.

Disability Life Insurance Tip #3

Work with the same company: If you need to change the company you are with, do so before your policy expires just beware of the cost. Your disability life insurance policy is a contract between the carrier and you for a specified period so any changes in the policy may come with penalties.

Disability Life Insurance Tip #4

Comparison shop for policies: With all the disability life insurance companies online, it is simple to compare premiums.

Disability Life Insurance Tip #5

Compare apples with apples: When comparing disability life insurance policies, be careful as they have different definitions of disability for each illness. Make sure you specify the same amount of coverage for both so you can make an educated and level comparison.

Disability Life Insurance Tip # 6

Different disability life insurance companies have different classifications for the same occupation. For example, company A might rate someone who works with electricity as a higher risk than company B. Be on the lookout.  

Disability Life Insurance Tip #7

Go with the well-known disability life companies because they have a deeper knowledge of risk and will give you the best rates.

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Buying disability life insurance makes sense if you follow these tips.  Contact Elliot Glass to help you with your financial planning to ensure you have enough life insurance and disability insurance to protect your family and income.

If an emergency arises, you will be glad you took the time to get some good disability life insurance.