At some point in your life, you may realize the importance of disability insurance for professionals. Unfortunately, the major people realize it only after they suffer from a disability due to an accident or illness. Another thing that keeps them from buying disability insurance is the cost of the policy. Let’s get into details.
Graded premium schedule
If you are looking for affordable disability insurance for professionals, you can choose from a lot of options. For instance, you can try the graded premium schedule. Today, many insurance providers have this option in their policies. As the term suggests, a graded premium is designed in a way that it continues to increase on an annual basis. This can help you keep your premiums affordable for first 2 to 7 years of your professional career.
Best time to buy
The best time to buy disability insurance for professionals is between the ages of 25 and 35. This will increase your chances of getting the best coverage with no limitations or exclusions.
Basically, exclusions allow insurance providers to offer coverage to buyers who already have medical conditions. If you already have a health condition, your insurance provider may use the option of exclusion to help you qualify for the policy. However, the insurance policy won’t pay you for the loss of income caused by that particular condition.
When buying disability insurance for professionals, you can use a graded premium. It will cost you between $20 and $30 per months instead of $100 per month, which is quite affordable. So, you can pay your premiums without any financial burden.
Buy from a specialist
If you are looking to get disability insurance for professionals, go with an insurance provider that specializes in the field of disability insurance. They are known as Disability Income Specialists. They can help you get the best deal based on our own circumstances. So, if you are a salesman, engineer, accountant or physician, you should protect your income and go for the best policy.
Lastly, you should find out if the premiums are guaranteed. Although it’s a great thing to use the graded premium schedule, make sure the annual premium is not increased beyond your affordability.
Long story short, this was an introduction to disability insurance for professionals. If you need to buy your desired policy, we suggest that you consider the tips given in this article. Since each policy is different, you may want to contact the insurance provider to find out about the specifics.