Disability insurance is frequently overlooked, and yet it is considered by experts to be comparable in necessity to life insurance, perhaps even more necessary. Why is this? Because disability insurance protects your income and allows you to receive money in the event that an injury or serious illness prevents you from working.
It is recommended that regardless of your profession, you obtain some disability insurance. Disability insurance can cover a large portion of your living expenses when you are physically unable to work, allowing you and your family to be taken care of.
For some, disability insurance is offered as a benefit from an employer. Doctors, dentists, legal personnel, accountants, and other such professionals can usually obtain disability insurance through a group plan offered by their respective associations, such as the American Medical Association or the American Dental Association.
If, however, your employer does not offer disability coverage, or if coverage an employer offers is inadequate, you may choose to purchase individual disability insurance.
Individual disability insurance can be very expensive. Qualifying for disability insurance can also be difficult, more so than if you were attempting to qualify for life insurance. Those working in service oriented jobs with high hazard risks may not be able to obtain disability insurance from more than a few insurance companies, if at all.
Buying from an Employer
For most people, disability insurance is obtained through their employer. When your employer offers you disability insurance as a benefit, you purchase it usually by having the premium taken out of your check. Insurance through an employer is called group insurance, because your employer purchased one policy for all of his or her employees. This option, if it is offered to you, is comparatively much less expensive than purchasing individual disability insurance. However, some people can feel their company provided policy does not provide them adequate coverage.
Buying from an Insurance Company
There are more than a few insurance companies offering disability insurance. When choosing company candidates for a disability insurance policy, make sure you do a little research. Check into the company’s financial situation and make sure any potential policy purchase is being made from a fiscally sound firm. A company with unstable finances does not offer reliable protection. Additionally, there are websites that allow you to obtain quotes from a number of companies and compare them, and also companies who regularly rate insurance providers and publish their findings. Both of these sources of information are worth looking into.
Buying from an Agent
Buying from an insurance agent means the most complicated processes of buying insurance are done for you. An insurance agent:
– Explains key insurance terms and makes sure you understand the complicated stipulations of your policy;
– Carefully assesses your needs so they can select a policy that balances your protection needs with your budget;
– Is able to search the multitude of insurance companies for a provider that offers the best service and policy to meet your needs.
Buying Online
Some insurance companies or brokers provide the ability to buy disability insurance over the internet. Purchasing insurance online may offer you convenience. However, many companies prefer you deal with one of their agents, and it is important to remember that if you can find an online source for disability insurance, you will have to provide personal medical information that has the potential, like any internet exchange, to be viewed by a third party.
Wherever you choose to purchase disability insurance, it is vital to do some shopping around. Make sure you understand key insurance terms and conditions. Compare policies so you can find the one that offers you the best coverage.