Disability insurance is one of the least expensive ways to pay for your bills if you can't work. Even though the companies that sell these policies also call it disability income protection or disability income insurance, it is still the same type of policy.
Your payments for your disability life insurance
When you apply for disability life insurance, your premium will be based on a number of things;
Job: If your job is more dangerous, your premium will be higher. The premiums for a construction worker will be more than for a dental hygienist or a beautician.
Health: If you've been sick or had surgery in the past, disability insurance companies will charge you more for a policy. They think this makes it more likely that they'll have to pay out on the policy.
How long do you want your time to get better to last? Even though a longer time will help you get better, the longer a company has to pay out, the more you will have to pay.
This is the amount of time you have to be hurt before a company will start paying you. There are different elimination periods for each policy, and some of them will pay you back to the first day. The premium goes down the longer the period is.
Policy terms: A policy that pays for both total and partial disability will cost more than one that only pays for total disability.
Other Add-ons for Disability Life Insurance
There are a few more rules that will affect how much your disability life insurance policy will cost. These policies are rated based on the status of each person, which is why two people with the same age and job can have different premiums. Talk to a broker in your area about your disability life insurance options.
How important is life insurance for people who can't work?
How important is it that you keep getting paid every month? If you can't work and don't have disability life insurance, you won't be able to make money from work once your benefits run out.
Maybe you can make up the difference with money from investments. If so, that's fine, as long as you don't start to use up the capital.
So why not try to get life insurance that covers disability?
Good question! Why don't you try to see if you can get disability life insurance?
