The most common questions we get in the thousands of inquiries we get about disability insurance are the "who, what and when" questions: Who do I buy it from? Who should get it? These are accompanied by: What type of disability insurance is best? What company should I get it from? Along with, when is the best time to purchase it?
Who to get it from:
You should look to a reputable advisor who has access to the leading disability insurance companies and who understands the nuances of the differences among the contracts. Having had over 10,000 disability insurance policies come through our agency and through our disability insurance website we have knowledge that is only gained through experience. Many insurance agents have only a passing knowledge of this specialized field. One should find out the experience of the advisor not just in the insurance business but in the disability insurance field.
The second part of the "who" is which insurance company. The short answer is a company that is financially strong as measured by the independent rating services such as Standard and Poor's, Moody's and A.M. Best. Look for definitions in their contract that are favorable to you such as "own occupation" and full recovery benefits (a missing hole in many policies even those with own occupation benefits).
Who should get it? Anyone who makes an income that would be financially harmed if they lost that income - just about everyone. The statistics are compelling. On the disability insurance site, Protectyourincome.com, these statistics are reviewed in detail. Suffice it to say that before age 65 the likelihood of one experiencing a long term disability is substantially higher than one dying before age 65. As one's income and ability to earn an income are probably one's greatest asset, the effect of a long term disability can be financially devastating.
What type of disability insurance is best? The one that pays the most in the most circumstances. Again, that will take an experienced advisor to take you through that minefield.
What company should I get it from? This is similar to what type but first and foremost is strength of insurance company and then contract wording.
When should I purchase disability insurance? Now. Why? One does not know if they will be unlucky enough to lose their income. Don't delay. Purchase this while you are healthy.
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