Among the hundreds of insurance companies and the different disability income insurance quotes they offer, it can be difficult to find one that fits your financial and lifestyle needs. However, there are a few characteristics and factors you should look at when analyzing the disability income insurance quotes.
How long is the benefit period?
Logically, one of the main focal points of disability income insurance quotes is the length of the benefits period. This is basically the length of time that the policy will remain active and the policyholder can receive benefits for a specific event – in our case, a disability. The benefit period can vary depending on the type of policy, the premium, and the insurance provider.
How long do the benefits last?
The length of the benefits is the number of months or years during which you will receive the benefits if you suffer a disability. Depending on whether you want short-term or long-term disability insurance, your disability income insurance quotes will have a different benefit length period.
Are premiums waived during disability?
Some companies allow the policyholder to stop paying the policy premiums for the duration of the disability. This is an additional benefit that not every insurance provider includes in their disability income insurance quotes, so if this is an important feature for you, make sure you check whether or not it’s included in a specific quote.
Is the insurance company reliable?
While many people tend to overlook this aspect, it’s crucial that you do your fair share of research before settling with a specific insurance provider. They need to be able to keep their end of the bargain if you need to use your policy in the future.
Finding the company’s reliability can be done by checking their rating given by rating agencies. There are many of these across the US, but the most popular are Standard and Poor’s, A.M. Best Company, Fitch Ratings, Weiss Research and Moody’s Investors Service.
These are just a few of the main elements of an insurance policy, however, most insurance companies give individual disability income insurance quotes based on the policyholder’s characteristics.
Even doing a bit of research will be enough to show you the importance and value behind finding the right disability income insurance quotes. Every company offers a different set of features at a different cost, so make sure you’ve considered all your options and found the disability income insurance quotes that are best for you.