What To Look For In A Disability Insurance Policy:
- Get at least two quotes from an Independent Agent
- Find out if you can get into a group plan
- Get it guaranteed renewable so you can only lose
coverage from non-payment
- make sure it's non-cancelable which prohibits raising of
your premiums prior to 65
- Include partial disability so if your
impairment is gradual, you’re covered
- If you are younger, look for an inflation rider, which ties
benefits to a cost-of-living index
- A guaranteed insurability rider allows you to increase coverage
without another medical exam
- Make sure it covers disability arising from either accidents
or illnesses
- A 90 days waiting period is usually the best
buy
- Get own occupation protection so that if you
can’t perform your job, you can get a benefit
- Your policy should cover cosmetic or transplant surgery
- Survivor benefits will pay your beneficiaries if you die while receiving benefits
- Make sure your policies waiting period doesn't start over again
if you have a recurrent disability
- A supplemental social insurance rider may pay an added benefit if
no government benefits are payable for your impairment. If a government
benefit is paid, this added benefit will be reduced on a dollar for dollar basis
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