Choosing a disability insurance policy can be a difficult decision in today’s
market, especially if you are purchasing a policy for the first time.
Because we are 3 times more likely to become disabled than we are to die
before the age of 65, having the right coverage is important. However,
there are numerous carriers to choose from, which can make finding the
best policy coverage to protect you an arduous task to complete. In this
blog, we explain what you should look for when choosing
disability insurance to help you find the policy that is right for you.
Look for a Non-Cancelable Policy
This is important if you want the policy to have any real value to you.
Non-cancelable means the insurer can't cancel your policy or change
the terms as long as you keep paying your premiums. You will likely find
the best prices when you're young and healthy, so you should shop
around early. A non-cancelable policy also means you'll be able to
have the policy at the same low premium for years after it has been purchased.
Look for an “Own Occupation” Policy
Although “any occupation” policies are generally cheaper, they
are also less useful. Any occupation policies only pay out if you can’t work inany occupation that fits your training and experience. “Own occupation”
policies provide coverage if you can’t perform work in your regular
occupation. Under an “any occupation” policy, a disabled surgeon
who can no longer perform surgery, but can still teach, wouldn’t
likely qualify for disability benefits. However, the disabled surgeon
would qualify for benefits under an “own occupation” policy.
Do you need help choosing a disability insurance policy that is right for you? Contact our Atlanta team of insurance administrators
to get assistance today.