Getting a disability insurance policy for the first time can be difficult. You went to get the most out of your money when choosing a disability insurance policy to cover you. If you believe you need disability coverage, here are some things to look for in a policy before buying:
Coverage Amount: You need to consider the coverage amount when looking for disability insurance. Make sure the coverage amount is enough to cover your potential disability needs and comprehensive to provide you with the protection you need.
Benefits: Determine what benefits are included in the policy, such as medical expenses, income replacement, and other potential benefits. Remember that most
policies offer short-term and long-term coverage, so make sure your chosen policy meets your needs.
Waiting Period: Determine how long after becoming disabled you must wait before receiving your disability benefits.
Cost of Living Adjustments: Some policies may include the cost of living adjustments, which will help ensure that your benefits keep up with inflation over time.
Non-Cancellable/Guaranteed Renewable Clause: This clause ensures that your insurer can’t cancel or change your policy without your permission. It also ensures that your policy will be renewed yearly without changing terms or premiums unless you choose to cancel or change it yourself.
Exclusions: Make sure that you understand any exclusion in the disability insurance policy, such as pre-existing conditions or occupational hazards, so read the fine print and understand what is covered and what is not in the event of a disability claim.
