5 Options to Consider When Buying Individual Disability Insurance Policy
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Friday, May 18, 2018

Most of the Americans buy insurance policies to protect their valuable things like cars, homes and jewelry, but they forget to insure the most important asset – their ability to work to earn a living.

Disability insurance is a policy that provides benefits in order to replace your client’s lost income due to their inability to work owing to their injury or illness. This insurance policy is different from workers’ compensation because disability insurance supplements a disabled person’s income even when his or her injury or illness is not job related.

There’s a whole variety of options for disability insurance that you must look into before you consider buying a policy to secure your client’s compensation in case of injury or illness. Here we discuss five such major options that you must check out so that you buy the right policy.

1. Guaranteed Renewable and Non-Cancelable Policy

Most reputable insurance companies today offer policies that are not canceled and are renewed automatically as long as you continue to pay your premium on time. This is an option which your clients must consider because it’s very crucial to a good individual disability insurance policy.

2. Own Occupation Coverage

Disability insurance that is labeled “own occupation” is applicable to your client’s current occupation and their ability to perform it. It is important for them to know that at the time of claiming the policy, some insurance companies require that they take any job they’re physically capable of doing regardless of the fact that taking such a job is a step back in their career, or if it pays a fraction of what they used to earn before.

3. Future Options

With a slightly higher rate of premium, there’s a policy for disability insurance that has future purchase options. These options allow your client to increase their coverage as their wages rise. This is an option that provides flexibility, especially to those people who are climbing a corporate ladder in their career or change jobs frequently for better salaries.

4. Living Adjustments

If your client is disabled for a period of five or more years then it might be difficult for them to pay their bills when their policy payout is fixed and their expenses keep on rising. In order to avoid this from happening, they must check their long term insurance plans to make sure that the payments that they receive during their disability are adjusted to inflation.

5. Retirement Protection

Most of the individual disability insurance policies end when your client reaches their retirement age. But what if your client is still short on their savings to live out their retired life? If they haven’t planned their life after retirement then it is better that they check out their benefits in their individual disability insurance policy that will contribute to their retirement savings and their living expenses. They can also go for a policy that does not expire even when they reach 65 years of age. However, this would require them to pay extra for such lifetime benefits.

If you need to discuss your client’s options for disability insurance and need professional guidance to select the most suitable individual disability insurance policy for your client, then contact Income Protection Resource Group. We take pride in offering our clients a wide variety of insurance policies that provide them best income protection options, regardless of their profession and income.

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