The best time to secure disability insurance coverage is right now. The sooner you shop for disability insurance plans, the better coverage and premiums you’re likely to qualify for. Because disability insurance companies base policy options and rates on risk factors, youth and good health are on your side when shopping for income protection coverage.
Disabilities don’t always impact people in certain age groups or who work in particular occupations. That’s why it’s not advisable to put off getting income protection insurance. There’s always a chance that your circumstances could change very quickly, make it very difficult – or impossible – to get the coverage you need.
It’s a fact that anyone can experience a disabling accident or illness at any time. If you experience an injury or health problem before getting a disability insurance policy, you just might find that you may no longer qualify for disability insurance, or may only qualify for a policy with higher rates or may have restrictions on the policy.
Waiting for Benefit Eligibility
If you experience a disability, you’ll be very glad that you had the foresight to put a disability insurance policy in place. One of the first questions you’re likely to have is how long you’ll have to wait before becoming eligible to receive benefit payments from your disability insurance company. The answer to that question will vary, depending on the terms specified in your particular plan.
To find out how much time has to pass between becoming disabled and receiving benefits, you should refer to your policy’s elimination (waiting) period in your policy. Typical elimination periods range from only thirty days (most expensive) to 60 or 90 days, all the way to one year.
If you’re currently shopping for disability insurance coverage, it’s important to carefully consider which period of elimination is best for you. While disability insurance companies typically offer lower premiums on policies that require a longer waiting period for benefits, saving money in this way isn’t always a bargain. Make sure you have the financial resources to take care of your ongoing expenses for the full elimination period before purchasing coverage.