Long-term disability insurance, as the name itself suggests, offers you a steady income in case of a disability that lasts for a long duration. This type of an insurance policy covers you for around 5 to 10 years or until you turn 65. However, a disability insurance policy that lasts for just a period of 2 years is also available. These are generally mortgage disability insurance policies covering mortgage payments.
So, how do you select the most appropriate long term disability insurance coverage. In case you are able to afford high premiums, it would be wise to go for an insurance policy that holds a benefit period of 10 years or until you turn 65. This is because, if you happen to lose your job and are unable to work for the next one year, you can somehow find ways by yourself that can help you survive, but if you contract a disability that forces you to stay away from work for the next one-decade, then you surely are into great trouble. This is when an insurance policy with a 10-year benefit period turns out to be a perfect lifesaver.
You need to know that when you are disabled, then apart from taking care of your daily expense, you also need to find ways to cover your disability expenses, which in fact turn out to be an additional burden. Therefore, it is important that you select a disability insurance policy with a longest benefit term. However, if you fail to qualify for a 10-year benefit plan due to some reasons, you need to try finding a policy with at least 5 years benefit period.
It is not easy to find a policy with low disability insurance premiums. So, how do you get the most affordable long term disability insurance? While buying the policy, you need to check out its waiting period. In fact, waiting period is the duration you need to wait until you get the first benefit paid. For instance, if the waiting period for your policy is 60 days, you need to wait for two whole months after you have bought the policy to avail your first benefit. It will be wise to opt for an insurance policy that has at least 90 days of waiting period. However, in case 90 days sounds too tedious, you can opt for a plan with a 60-day waiting period. Make sure you do not go for a long-term disability insurance coverage with a 30-day waiting period, as it may turn out to be highly expensive. With the cost of disability insurance policies rising high day by day, it is important that you make a sufficient amount of research and only then move ahead with the deal.
In case you feel that the long-term disability insurance premiums are too high, you may opt for short-term disability insurance with 90-days waiting period. There are instances where people end up buying an insurance plan with high long term disability premiums, but later cancel it out, as they cannot afford paying the premiums any further. In order to avoid these hassles, try finding a short term insurance coverage that can best suit your budget.
In case, you are planning to buy a disability insurance coverage for the first time, you will surely find it a bit difficult to make it through. Therefore, it will be wise to get in touch with an agent, who can help you better understand which policy is the best for you. Moreover, he/she would also discuss with you about the cost of disability insurance policies offered by various insurance providers. If possible, you may also try getting in touch with someone, who has bought a long-term disability insurance policy in the past. The individual’s personal experience can help you in making the most appropriate selection.
Some websites on the Internet also allow you to compare insurance quotes offered by numerous insurance providers. However, do not just blindly believe in the figures mentioned in the quotes. The cost of disability insurance may vary. Therefore, it will be wise to further check out online public reviews and testimonials to find out about which insurance provider is capable of offering you an insurance coverage of your choice. Although the entire research may consume a good amount of your time, it can surely help you find a policy with the lowest disability insurance premiums.