Competitive Quotes on Disability Insurance

Long before you get injured, you should consider looking at competitive quotes on disability insurance. No one likes to think about getting injured on the job—but it happens—and quite often, actually. According to the Health Insurance Association of America, about 30 percent of workers between 35 and 65 will have a disability that puts them out of work for 90 days or more. Missing work for three months or longer puts a huge financial strain on just about everyone.

Disability insurance is offered by several major insurance companies and by a host of much smaller companies. The best way to find competitive quotes on disability insurance is to visit websites that allow you to view the rates offered by two or more companies.

Much like searching for car insurance rates, you will enter some personal information about yourself and then the website will search for rates for you. Some websites to get started with include:

• 2insure4less.com – Offers quotes on just about all forms of insurance. In the “Personal Insurance” section click on the “Disability” button. Enter your name and zip code to get started. You will then be asked to answer more detailed questions.

• 4-Disability-Insurance-Quotes.com – This website is especially designed for people looking for non-cancelable contracts. It specializes in providing quotes for people in the following occupations: medical professionals, attorneys, dentists, engineers, accountants and IT professionals. All of the questions you need to answer are shown on one page, so that there are no surprises.

• A Disability Insurance Quote.com – Click on the “Get a Disability Quote” to begin the process of receiving free comparison quotes. There are also articles to read that explain disability insurance.

• US Insurance Online.com – All you need to do to get started is enter your zip code and choose “Disability Insurance” from the “Quote Type” drop down menu.

A quote, and ultimately your disability insurance, is only good if the company you choose is able to pay your benefits. You also need to make sure you are buying a policy that provides for the needs you have.

Start by checking the insurance company ratings, which gives you an overview of the financial health of the company in an easy to understand format. You can check company ratings at the following websites:

• Moodys.com
• Standardandpoors.com
• Ambest.com

Next, determine what kind of contract the insurance company is offering. There are three options:

• Non-cancelable and guaranteed renewable
• Guaranteed renewable
• Conditionally renewable

If you are able to afford the policy, a non-cancelable policy is your best option. Your rates and benefits with this kind of policy are fixed and can only be changed by you. With a guaranteed renewable policy, you will continue to receive coverage, but the insurance company can raise your rates. Try to avoid a conditionally renewable policy because the insurance company can make any changes they want.

Determine how the policy defines total disability. The best option is “own-occupation” coverage. This kind of policy will allow you to work a job that doesn’t interfere with your injury while still providing benefits. It would allow you to work a part-time job, for example, until you are able to resume your original duties.

A disability insurance rider is an option to modify the contract. Some good riders to look for include:

• Adjusting for Inflation – You may buy insurance now, but not need to use it for decades. Adjusting for inflation will raise the benefits of your policy over time so that you are appropriately covered.

• Future purchase – Everyone hopes that during their careers they will rise up the ladder and make more money. A future purchase option allows for your possible career success by giving you the option of buying a higher level of coverage in the future that will match you higher income.

There are two ways to adjust the cost of your disability insurance, which are:

• Elimination Period – Choose the amount of time that the insurance company will wait to begin making payments from when your injury occurs. The longer you wait to receive benefits, the cheaper your rates will be.

• Benefit Period – You can pick how long your coverage will last. Some options include a specified time period, such as for two or five years, while other options are until you reach a certain age, such as 65.

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