The insurance world is filled with a variety of unknowns for the average person. Most people are not familiar with all of the terms and policy options associated with an essential type of insurance: Disability Insurance. At times, this causes people to rely on the things they hear from friends about a particular product they are interested in. This is especially true for Short-Term and Long-Term Disability Insurance.
Most people are not familiar with Disability Insurance. So they often rely on what they heard versus learning about it directly from an experienced advisor. Sometimes, this can lead to a lot of misinformation.
Here, we highlight Disability Insurance truths that people often are not aware of or misinformed about.
- It can be purchased through your job (if it is offered) or through a Disability Insurance advisor.
- Many people don’t know you can purchase it individually without having to go through your employer.
- It is highly recommended to work with a Disability Insurance advisor. An advisor can guide you through the process and directly answer your questions.
- In addition, Disability Insurance policies that are purchased through your employer offer minimal financial protection.
- Applying for Disability Insurance does not cost you anything.
- Many people think you have to send in money when you apply for this kind of insurance. But, you don’t.
- You only pay money when you get approved. They will send you a bill.
- You can cancel your policy at any time.
- Many think that once you have a policy you have to keep paying it forever.
- But, the truth is that you can cancel it at any time. You will then get back the unused portion of your premiums.
- Your age, gender, health, occupation, and income are all taken into consideration.
- The insurance worker takes all of these factors and analyzes them to determine which risk category you fall under.
- Depending on the risk category is how much you will have to pay every month.
- A medical exam, which included a blood and urine sample, is mandatory.
These Disability Insurance truths are very commonly unknown by the average person. But, they are key points to know about this type of insurance. To learn more about Disability Insurance, fill out our brief Contact Form to be contacted directly by one of our advisors or call us at (800) 788-8921.