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BUYING ADVICE

For more information on disability income insurance, please call us toll free at 800 318 6050

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 insurance policy.


Make sure your policy is non-cancelable and guaranteed renewable. This means the insurance company cannot cancel your policy, increase your premiums or change policy provisions if you keep paying premiums due. Group (hospital) or association plans typically do not offer this important benefit.

 
Always understand the definition of total disability. This can mean the difference between getting paid and not getting paid.

 
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. 




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 request and read the specimen policy so that you understand all of the contractual provisions.
Marketing pamphlets are typically brief overviews of disability insurance policy benefits and can be often misunderstood.  They typically do not get in to the details of the actual policy and its provisions. Just because your medical association, group or hospital sponsors it, does not mean it is right for you or comprehensive. Request an illustration which will include policy details and premiums along with a specimen policy.


Why you should be careful of group (hospital) plans?
Group disability insurance plans may be amended, changed or terminated at any time. This could leave you without coverage when you need it. 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 or if you are working in another occupation, your benefits are reduced. Most group plan benefits are taxable. Many group plans can’t be taken with you if you should decide to switch employers.


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 insurance plan tailored to your specific needs.


Cost of a policy should not be the first consideration when it comes to disability insurance.