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Slide 1: Shopping for Disability Insurance? Here's What You Need To Know You have decided to sign up for disability insurance, but if you find yourself lost in the legal and insurance commotion here is some clarification to help ease your tension and guide you to the right decisions. Disability insurance is intended to provide supplemental income in the event that you become unable to perform your job or return to work immediately. Here are some tips to help you make right direction and shed some light on disability insurance coverage: • Shopping around and comparing prices is a good idea. Disability insurance is similar to other types of insurance, meaning you can find a wide range of prices for coverage. Check online for different rates and what companies have the best coverage to offer. • Determine what you will feel is an adequate amount of disability income in the event that you are unable to work. You should calculate the amount of gross income that you bring into your home and the expenses that you are responsible for. This is the amount that you want to base your insurance off of. • Next you will need to determine a time frame for your disability insurance to pay out. The common age for disability benefits to extend to is 65 years old, however you can alter this amount based on your personal desires and how much you wish to save on your premiums. • Your insurance company will typically cap off your benefit level at a certain amount. For most companies this is 70% of the amount of money you were previously making when you were working. The idea is to not tempt the insured to claim disability just to make as much money as they were previously when they were working. • Disability coverage is a legal contract, meaning that you should take into account all the provisions you are signing up for. Additionally, you should understand that filing a disability claim that is false is illegal and there could be criminal ramifications for any illegal actions related to insurance fraud. Disability insurance is one of the most commonly fraudulently filed insurance claims out there. Shopping for disability insurance can be somewhat complicated if you are not fully aware of the way it works, however there are some easy online methods to find out more about what disability insurance can do for you and your family. If, for example, you were to hurt yourself at work and you would never be able to return to your position, but you were the primary income in your household; what kind of situation would that leave you in? If you cannot return to work it is going to be difficult to afford your normal living expenses. This situation can be scary if you are uninsured and living paycheck to paycheck. For that reason it is important to consider purchasing
Slide 2: disability insurance coverage. Think of it as a purchase for both you and the well-being of your family. Check out Focus 1 Insurance They offer a wide variety of insurance projects from a multiple insurance providers. They can save you money on disability insurance if you live on the West Coast.