As you consider different policies, you may be tempted to make your decision based on price. Disability policies can sometimes be costly, depending on your risk level and the amount of protection you need. It’s understandable that you may want the least expensive policy. However, price isn’t the only factor to consider. There are a number of variables that could impact the protection you receive. Below are three such factors to consider. As you examine different policy options, make sure you ask these questions. What is the policy’s elimination period? Every disability policy has something called an elimination period. This is a brief period of time between when you file for benefits and when benefits actually begin. Elimination periods are often 30, 60 or 90 days long. The longer your elimination period, the lower your premiums are likely to be. However, a longer elimination period also means a longer period of time in which you may be disabled but without benefits. When considering different elimination periods, think about how long you could support yourself if you couldn’t work and weren’t receiving insurance benefits. Do you have savings to fall back on? Do you have a short-term policy that could fill in the gap? If not, you may need a short elimination period. Does the policy cover “own occupation,” or is it “any occupation”? Disability policies also define the types of injury or illness that will trigger benefits. The way this is defined is usually through a distinction between “own occupation” or “any occupation.” In an “any occupation” policy, you receive benefits only if you are too disabled to work any job. That’s clearly a broad definition, and it usually requires a very serious injury or illness. On the other hand, an “own occupation” policy will pay benefits if you are too disabled to go back to your specific job. For instance, if you are a surgeon and you injure your hand, you may be too injured to perform surgery, but you may be able to perform other jobs. In an “own occupation” policy, you would receive benefits even though you are able to work in other jobs. The only requirement is that you’re unable to perform your own job. If you are in a highly skilled or highly paid career, you may want to consider an “own occupation” policy. Finally, look at how long your benefits will be paid. Most policies offer a variety of caps on benefit duration, such as five, 10 or even 20 years. The longer the duration of benefits, the higher the premiums. Consider a policy that pays you until age 65. You can then receive benefits to replace your income during your working years before transitioning to Social Security and retirement assets after your disability policy runs out. Not sure which policy is right for you? Contact us at J. Harris Financial in Winston-Salem, North Carolina. We can help you examine your needs and risks and develop the appropriate strategy. Let’s connect today. 1http://www.disabilitycanhappen.org/chances_disability/disability_stats.asp This information is designed to provide a general overview with regard to the subject matter covered and is not state specific. The authors, publisher and host are not providing legal, accounting or specific advice for your situation. By providing your information, you give consent to be contacted about the possible sale of an insurance or annuity product. This information has been provided by a Licensed Insurance Professional and does not necessarily represent the views of the presenting insurance professional. The statements and opinions expressed are those of the author and are subject to change at any time. All information is believed to be from reliable sources; however, presenting insurance professional makes no representation as to its completeness or accuracy. This material has been prepared for informational and educational purposes only. It is not intended to provide, and should not be relied upon for, accounting, legal, tax or investment advice. 16067 - 2016/8/31 As you consider different policies, you may be tempted to make your decision based on price. Disability policies can sometimes be costly, depending on your risk level and the amount of protection you need. It’s understandable that you may want the least expensive policy. However, price isn’t the only factor to consider. There are a number of variables that could impact the protection you receive. Below are three such factors to consider. As you examine different policy options, make sure you ask these questions. As you consider different policies, you may be tempted to make your decision based on price. Disability policies can sometimes be costly, depending on your risk level and the amount of protection you need. It’s understandable that you may want the least expensive policy. However, price isn’t the only factor to consider. There are a number of variables that could impact the protection you receive. Below are three such factors to consider. As you examine different policy options, make sure you ask these questions. As you consider different policies, you may be tempted to make your decision based on price. Disability policies can sometimes be costly, depending on your risk level and the amount of protection you need. It’s understandable that you may want the least expensive policy. However, price isn’t the only factor to consider. There are a number of variables that could impact the protection you receive. Below are three such factors to consider. As you examine different policy options, make sure you ask these questions. As you consider different policies, you may be tempted to make your decision based on price. Disability policies can sometimes be costly, depending on your risk level and the amount of protection you need. It’s understandable that you may want the least expensive policy. However, price isn’t the only factor to consider. There are a number of variables that could impact the protection you receive. Below are three such factors to consider. As you examine different policy options, make sure you ask these questions. As you consider different policies, you may be tempted to make your decision based on price. Disability policies can sometimes be costly, depending on your risk level and the amount of protection you need. It’s understandable that you may want the least expensive policy. However, price isn’t the only factor to consider. There are a number of variables that could impact the protection you receive. Below are three such factors to consider. As you examine different policy options, make sure you ask these questions. As you consider different policies, you may be tempted to make your decision based on price. Disability policies can sometimes be costly, depending on your risk level and the amount of protection you need. It’s understandable that you may want the least expensive policy. However, price isn’t the only factor to consider. There are a number of variables that could impact the protection you receive. Below are three such factors to consider. As you examine different policy options, make sure you ask these questions. As you consider different policies, you may be tempted to make your decision based on price. Disability policies can sometimes be costly, depending on your risk level and the amount of protection you need. It’s understandable that you may want the least expensive policy. However, price isn’t the only factor to consider. There are a number of variables that could impact the protection you receive. Below are three such factors to consider. As you examine different policy options, make sure you ask these questions. Are you considering buying an individual disability insurance policy? That could be a wise move. According to the Council for Disability Awareness, 25 percent of adults will become disabled before they retire.1 While your employer may offer disability protection, group policies often don’t provide a sufficient level of coverage. The benefit may not cover all disabilities, or it may only provide coverage for a limited number of years. An individual policy may help you fill in those coverage gaps and enjoy a more comprehensive form of protection
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