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.