Disability insurance is an insurance product that we all should have if we are in a position where we can’t afford to not work. The insurance basically covers us in case we have an illness or injury that leaves us unable to work, it can take away the pressure of worrying about making ends meet while you focus on coping with your condition. Purchasing disability insurance can be daunting, there are lots of companies out there all offering different things. Read on to find out our top tips to make sure you choose the right disability insurance policy for you.
1. Disabilty insurance company financials matter
When choosing who to purchase your disability insurance with you need to be sure that the company you are purchasing it from is reputable. This will be a long term purchase designed to offer you protection through the majority of your working life, you need to know that your insurer will still be around and able to pay out should you need them. Make sure that any potential insurer has a strong financial history and that you have checked out their reviews.
2. Look for discounts
Looking for discounts is part of any other process we go through when we purchase something and it should also be the case when we purchase insurance. Often insurance companies might offer you an incentive to purchase insurance with them, or they might offer a discount if you make healthy life choices such as not smoking or drinking. We wrote a blog post about the benefits of term insurance, take a look a this to see if you could find a potential discount through purchasing this type of insurance.
3. Always buy the enhanced partial disability benefit rider
A partial disability rider means that you can keep working and still receive a partial payout. It can be beneficial if you have to reduce your working hours to cope with your illness or if you need a recovery period. According to this blog, disability cover is designed to bring you peace of mind, ensure you cover yourself for every eventuality to achieve this.
4. Evaluate your agent early in the process
The best way to evaluate your agent is to ask them a complex question and see how they handle it. If they stumble at any point or even fail to answer your question, move in and go elsewhere. You need someone who thoroughly understands the insurance market to ensure you end up with the right product. Research online to gather some potential questions.
5. Ask lots of questions, and do research online
You really need to make sure that you understand any policy that your purchase. Research all of the jargon online to make sure you understand everything that a potential insurer is telling you. You can only achieve peace of mind if you know 100% that you are covered in every eventuality and you can only know this if you can understand the small print of any policy. It is essential that you do your research and that you are satisfied with the level of cover before you make any purchase.