What is Disability Insurance? An Overview of Disability Insurance
What is Disability Insurance? A Brief Overview
Not all individual disability policies are created equal. While cost should certainly factor into your decision, we will do a thorough disability insurance comparison for you that compares key policy differences. We’ll explain the various types of disability coverage and how to qualify. We will always recommend a top-quality long term disability policy over a mediocre or poor policy, and give you the most up-to-date tips on purchasing the right coverage. The plan must allow for tailoring to your individual needs and objectives. It is our opinion that all personal disability 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-cancellable 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 allows 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:
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