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Long Term Disability Insurance- The Top 10 Things to consider When Choosing Insurance Providers - YouTube
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What are the top 10 things to consider聽
when choosing disability insurance?聽聽
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Hi, I'm Marc Whitehead, a board聽
certified disability attorney.聽聽
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When looking for a disability insurance聽
policy there are many things to consider.聽聽
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Since many disability policies offset or聽
deduct social security disability benefits聽聽
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there may be even more factors to consider聽
when choosing a disability insurance policy.聽聽
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With so many different policy options it can be聽
hard to tell what is necessary and what isn't.聽聽
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To aid in the process we've narrowed it down to聽
the top 10 things to consider when choosing a聽聽
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disability insurance policy. One, whether to聽
purchase an individual policy or purchase a聽聽
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policy at work if you're thinking of purchasing聽
disability insurance you may have the option of聽聽
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obtaining disability insurance coverage through聽
your employer's group benefits plan. However,聽聽
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most of these policies limit your enforcement of聽
coverage because they're governed under federal聽聽
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ERISA law. A better option, if you can afford聽
it, is to purchase your own individual policy.聽聽
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Under this option you have the advantage of聽
enforcing your policy should you ever need to聽聽
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use it under more advantageous state bad faith聽
law. Two, the definition of disability. There聽聽
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are many different ways to define disability,聽
most policies define a two-tiered definition聽聽
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of disability with the definition shifting to a聽
more difficult standard after a period of time.聽聽
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Initially the disability standard will be defined聽
as the insured worker being unable to perform the聽聽
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duties and responsibilities of their own聽
occupation. That is the job that they were聽聽
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performing at the time they became disabled.聽
After some defined period, usually 24 months,聽聽
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the standard of disability will shift to a more聽
difficult standard defined as the insured worker聽聽
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being unable to perform any occupation.聽
The best option is to try to find a policy聽聽
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that uses the any occupation definition of聽
disability exclusively. Three, portability.聽聽
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If you purchase your disability insurance聽
through your employer you must find out聽聽
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if you're able to keep that insurance if聽
you leave the company. If your insurance聽聽
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is non-portable it will not follow you if聽
you happen to leave your job for another.聽聽
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Four, your premium. Premiums also vary聽
depending on the insurance provider.聽聽
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Some policies allow you to lock in a premium while聽
others don't also, you can get a non-cancelable聽聽
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policy or a guaranteed renewal policy. Five,聽
cost of living benefits. Though cost of living聽聽
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benefits are not included in most policies adding聽
this writer is definitely something you'll want聽聽
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to consider when making your choice regarding聽
disability insurance. Cost of living benefits聽聽
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are meant to provide financial stability by聽
offering an increasing benefit over time.聽聽
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Six, residual benefits. Another thing to聽
be sure your disability policy includes is聽聽
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residual benefits. Residual benefits will help you聽
make up your income if you can only work partly.聽聽
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Residual benefits help if you can't perform your聽
past work but can perform some lesser paying job.聽聽
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Be careful though as some insurance companies聽
commonly put restrictions on residual benefits聽聽
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or tweak the definition to their liking.聽
Seven, it's also very important to note the聽聽
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collection time period as this could affect which聽
insurance company you choose. With some policies聽聽
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you can start collecting as soon as 30聽
days after your disability has been filed.聽聽
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The collection time can range from 30 days聽
to more than 700 so this figure could be聽聽
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a deal breaker. Eight, coverage changes. Many聽
policies can be changed by the insurance company聽聽
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at any time over the course of your coverage.聽
This gives the insurer the freedom to raise聽聽
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your coverage rates whenever they want despite聽
whether your policy is up for renewal or not.聽聽
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Likewise, insurance companies could change the聽
terms of your insurance coverage without letting聽聽
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you renew making it imperative to understand when聽
and how changes can be made to your insurance.聽聽
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Nine, future increases. Although, the future聽
increase option rider is an addition to your聽聽
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disability coverage it's worth considering if聽
you think your income may increase over time.聽聽
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With this additional rider you're able to increase聽
your monthly benefit of your policy, disregarding聽聽
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the status of your health. Without this rider聽
your policy will not protect your future income聽聽
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whatsoever. However, many insurance companies will聽
limit the total of supplementary coverage that can聽聽
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be implemented each year. Ten, the renewability聽
provision. How long can you expect to be covered?聽聽
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If you're wondering you should check the聽
renewability provision of your disability聽聽
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insurance coverage. A guaranteed renewable policy聽
can't be cancelled by the insurance company聽聽
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even if an adjustment to your聽
situation puts you at a greater risk,聽聽
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but even with a guaranteed renewable policy聽
the insurance company can change your premium.聽聽
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A non-cancelable policy offers a guaranteed聽
future premium. The best disability insurance聽聽
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policies will be non-cancelable and guaranteed聽
renewable. While there are other factors to think聽聽
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about when choosing a disability insurance policy聽
and provider these 10 things are on the top of our聽聽
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list and should always be on the top of yours.聽
What was the deciding factor in choosing your聽聽
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disability policy? Let us know. More information聽
about this topic can be found in my free eBook,聽聽
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'Disability Insurance Policies-How to聽
Unravel the Mystery and Prove Your Claim.'聽聽
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Visit www.disabilitydenials.com for a free聽
downloadable copy or call 1(800)562-9830 to聽聽
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discuss your particular disability issue.聽
I'm Marc Whitehead, thanks for watching.
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