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For more information on disability income insurance, please call us toll free at 800 318 6050
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Be more concerned with quality of a policy than price. The cost of a policy should not be the first consideration when it comes to disability insurance. You can expect to pay 1% to 4% of your income for a comprehensive individual disability income policy.
Look at the insurance company financial ratings. Your disability insurance company could potentially be paying your salary to age 65 or possible the rest of your life! It’s important they be financially sound. All disability insurance companies are rated by third party rating companies.
Why you should be careful of group plans?
Many group disability plans have a restrictive definition of disability. They require you to be totally disabled before they will pay a benefit. If you have the ability to do any type of work, benefits may not be payable. Group disability insurance plans may be changed or canceled at any time. This could leave you without coverage when you need it. Most group plan benefits are taxable. Many group plans can’t be taken with you if you should decide to switch employers.
Always understand the definition of disability. This can mean the difference between getting paid and not getting paid.
Establishing a relationship with an independent broker is an advantage. A broker will represent more than just one company’s point of view and can offer you objective advice. At "DI For Physicians", we work with multiple insurance companies to find the most comprehensive disability income plan tailored to your specific needs.
The 90 day waiting period is usually the most cost effective. There is a substantial savings in choosing a 90 day waiting period over a 30 or 60 day period.
Make sure you read the master association contract (not just the marketing pamphlet) so you can understand all of the contractual provisions. Just because your association sponsors it, does not mean it is good. In almost all cases, association plans are group plans.
Make sure your policy is non-cancelable and guaranteed renewable. This means the insurance company can never raise your rates or cancel you policy. Group or association plans typically do not offer this important benefit.
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