How to Buy Disability Insurance

The harsh reality is that you are much more likely to be injured and unable to work than killed. For this reason, it makes just as much sense to buy disability insurance as it does life insurance.

Talk to your Employer First

Although it is not common, there are employers that offer disability insurance. You should check on this before you decide to buy a policy on your own.

Learn about the Features of a Disability Policy

The most important factor is the benefits period. This is how long you will receive an income should you make a claim. The elimination period outlines the time between your injury and when your benefits kick in. Also, most policies will offer benefits up until the age of 65, but this is not standard so it is important to double check.

How much Coverage? What is Covered?

Know how much coverage you will receive should you file a claim. Most policies pay between 60 and 80 percent of your salary, up to a certain limit.

Every policy has guidelines on what is covered. You may find that most physical injuries are covered, but that mental deficiencies are not as cut and dry.

Buying disability insurance is a simple process if you know which steps to take.

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