Tips On Purchasing Disability Insurance

Typical questions are: What is disability insurance? Do I really need it? We can give you the information you need.

What is Disability Insurance? A Quick Comparison

Not all individual disability policies are created equal. While cost should certainly factor into your decision, we will do a thorough disability insurance comparison that covers the important policy differences. We'll explain all the types of disability insurance and how to qualify. We will always recommend a top-quality disability insurance policy over a mediocre or poor disability insurance policy, and give you the most up-to-date tips on purchasing disability insurance. The plan must allow for tailoring to your individual needs and objectives. It is our opinion that all personal disability insurance policies should contain the following elements:

	Professionals and executives should be covered with an own occupation definition and if you are a physician, your disability policy should cover you even more specifically - defining your specialty as your occupation. Very few insurance companies do this. Ask us about this important point.
	The insurance company must not be able to terminate your coverage or increase your premiums. That’s called a guaranteed renewable and non-cancelable policy.
	Some provisions must be made when you return to work but still suffer a loss of income. This is called partial or residual coverage.
	The benefit levels purchased should be maximized to replace as much as possible of your lost earnings.

Individual Disability Insurance Meets the Need

A top-quality individual disability insurance policy provides all this coverage and more. It can be coordinated with other existing and potential sources of disability insurance at the time it is purchased so that your entire situation is taken into account. It permits you to make choices about the type of coverage, amount and timing of benefits, and optional features available. It offers long-term protection and a known benefit for a level premium. In short, individual disability insurance puts you in control and leaves nothing to chance.

The Key Features and Benefits to Look For:

Renewability Provisions
Definition of Total Disability
Residual Disability

Additional Benefits to Look For:

Elimination Period
Waiver of Premium
Capital Sum Benefit
Rehabilitation Benefit
Transplant and Cosmetic Surgery Benefit
Exclusions and Limitations
Optional Benefits