If you are contemplating investing in yourself by purchasing a Disability Insurance policy, you are already on the right track. Getting this type of insurance makes sure that you have funds available to you when you can’t work. This type of coverage is going to cost you some money, so it definitely doesn’t hurt to look into being able to lower your costs. Here, we have a few tips on where you can save some money and still be covered at the same time.
1) Use a Disability Insurance Advisor
- You may be looking into getting Disability Insurance from your job. But, working with an individual advisor can save you money. They specialize in the field and know where to look for savings.
- Disability Insurance advisors may be able to get you certain discounts or special rates. Also, if you already have some kind of coverage, they are able to look at your current policy with fine tooth comb to make sure you already have good coverage.
2) Shop, Shop, Shop Around
- Shopping around for the best company is so important.
- Don’t go with the company who has cute cartoon characters or you think is the most popular. Go with the Disability Insurance company who meets your needs and fits your budget.
- Shop around for the best rates, but don’t buy a policy that will barely cover you.
3) You Might Be A Part Of A Special Rate Group
- There are certain groups recognized by insurance companies that will get you special, lower rates.
- Ask to see if you qualify for any.
- Some may include: Non-smokers, low risk occupations, people with good health.
4) Purchase Wisely
- Insurance companies may offer you a variety of options and benefits.
- Make sure you fully understand what you are buying before you do.
- This is where a Disability Insurance advisor can come in handy. They work for many companies and don’t have loyalty to just one (like if you bought DI through your job).
- An advisor can help you weigh the pros and cons and explain what each option is.
5) Consider the Length Of Your Benefit Period
- Be wise about this!
- Reducing the benefit period will reduce how much you have to pay, but you want to be able to buy as much as you can afford.
- Many disabilities don’t last for more than 2 years, but you may be hurt/ill and need coverage for more than 2 years.
- You may find that a short-term policy is better for you than a long-term one.
- Ask plenty of questions before signing anything.
Lowering The Cost Of Your Disability Insurance Policy
Our advisors are experts in their field. We can customize a Disability Insurance policy for you that will taken into consideration you budget, lifestyle, and preferred options. We will conduct a market scan for you that will search for special rates you may qualify for and get you the best coverage.
Call us at (800) 788-8921 or fill our our quick Contact Form to get started today!