Some life insurance products have often been viewed as unnecessary by those critical of the industry. However, many of them roundly support some plans such as disability insurance, which help provide a steady income when you are unable to work because of an illness or disability. These critics are advocates of long-term disability insurance that can provide coverage until retirement age.
Most employees enjoy the protection of disability insurance coverage under the group insurance plan. These are generally short-term plans with premiums paid by the employer. If you are not covered, or if you believe that your coverage is inadequate to the risks you face at your workplace, you must find a good broker advisor who can suggest the right disability insurance plan. However, it’s not easy to find one as it’s a complex process.
Here’s what you should look for in an ideal disability insurance policy.
Look For Plans That Can Help Earn Income For a Longer Time
Group disability plans by employers can last for a maximum of six months. You must look for a plan that provides longer coverage of up to 180 days or more. Choose a plan that best fits your financial situation. Most Americans have savings that can last for two or three months at the most. A disability insurance scheme that pays you for close to six months or more will help you get the income you need for a peaceful living.
Decide On The Benefits
Most disability insurance plans provide benefits equivalent to 60 percent of the income. If you have private disability insurance, you will not have to pay taxes on the benefits. That aspect should be included in the calculations before you choose the plan you want to go with.
Choose a Guaranteed Renewable Plan
Guaranteed renewable policy gets renewed on the expiry date. The terms of the policy will also remain the same, except for the premium. Just make sure you pay the premiums on time to avail all the benefits.
Buying a disability insurance policy is harder than buying a regular insurance plan because there are several complexities involved. The best way of choosing the right one for your needs is to find a broker specializing in disability insurance. A broker agent advisor who can get several quotes from different insurance providers is highly recommended instead of working with a broker who represents just one company.
You are likely to come across conflicting advice which again shows how complex the disability insurance field scene is at present. That’s why it is imperative to carry out extensive research and seek the opinion of more than one broker. You will get a wider range of quotes when you do so, making your job much easier.
MGIS is a good place to begin your search for the right disability insurance plan. The company has a proven track record for providing the right plan and also excels in end-to-end claims coordination that can address your disability concerns adequately. Their motto is to deliver the right amount and the right type of insurance coverage.
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