Disability insurance is one of the most cost effective ways to cover your expenses if you become unable to work. Although it’s also known as disability income protection or disability income insurance by the companies that issue these policies, it is still the same type of policy.
Your Disability Life Insurance Premiums
When you apply for disability life insurance, there are several factors that will influence your premium;
Occupation: The more dangerous your job is, the higher the premium will be. A construction worker will face higher premiums than dental hygienists or beauticians.
Health: If you have a medical history with sickness and operations, the disability insurance carriers will charge more for your policy. They see this as a greater risk that they will have to pay out on the policy.
Benefit Period: How long do you want your recuperation time to be? Although a longer period will be better for your healing, the longer a company has to pay out, the higher the premiums will be.
Elimination Period: This is the amount of time you are injured before a company commences to pay you. Policies have different elimination periods...
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