Disability insurance rates
Disability insurance rates are determined by your personal and employment information, and by the amount of coverage you want. The most convenient way to get a disability insurance quote is to go online and explore the many Web sites of providers. Unless you have the expert guidance of a disability insurance broker, you will need to familiarize yourself with specialized terms and definitions used in this field.
Once you can sort out the various definitions of "disability," for instance, and you have an idea of how much and what type of coverage you need, then you can start putting in the necessary information to get personalized quotes. You will need your personal identification information, such as your name, plus some basic details about your medical history and health, your occupation, age, sex, and level of income. You will probably be automatically disqualified if you are unemployed or have a pre-existing medical condition.
Important Insurance Factors
Disability insurance premiums are based on your age, sex, occupation, and income. Your occupation and income are very important; not only in determining rates, but also in determining the amount of coverage you need for your future security in case you are disabled. If you must carry a weapon in your line of work, you are not eligible for disability insurance. A high-income position in a corporation will lead you to consider different coverage than a lower-paying job.
Your age is another important factor in determining disability insurance rates. The closer you get to 50, the more your rates go up and your benefits go down. Approach age 60, and this is even more apparent. After age 64, you will not be able to even get a policy from most providers. All the more important that you research and consider disability insurance now if you are healthy and under 50 years of age.
Insurance companies will allow a worker to take out a policy that will replace 50-70% of lost monthly income. If you can go online and look at disability insurance coverage from various companies, you can then take your time comparing policies. There's a lot to learn before you actually sign up for a specific policy. Pay close attention to definitions of "disabled" and "disability." Make sure you understand what benefits you will receive, how long you will receive them, and how much of your income will be replaced.
Important Terms to Understand
Before you actually apply for a disability insurance rate, take the time to become familiar with various terms that are commonly used in this field. Some policies will only pay if you can't work, which is total disability. You want online disability insurance that pays for loss of income because of disability, which relates to partial disability. Some companies also have transition benefits that help you out even after you're not disabled any longer. Examine the beginning date, which is the time delay for benefits to begin. The longer you have to wait, the less you'll have to pay in premiums."> You'll also have to decide on the maximum benefit period: one year, two years, or more, until age 65 or 70.