One in four Americans will encounter a disabling accident that puts them out of employment for more than ninety days per year. If the idea of going three months with no pay makes you anxious, it,s time to check out long-term disability insurance quotes. Across the board, long-term disability insurance rates are reasonably affordable (1-3% of the monthly income), so there,s no need to delay on getting coverage. Here are some things to keep in mind when comparison shopping for long-term disability insurance quotes.
The first tip is to ask questions and get a long-term disability insurance quote from a variety of companies. There are many factors that go into the quote, and only through asking questions will you be able to evaluate all the possibilities. It can take up to an hour for some insurance agents to actually return a call, but this is time well spent. You want to compare as many quotes as possible.
Next, don,t be afraid to talk about money. In the insurance business, they say the old adage – you get what you pay for – definitely applies here. Don,t be shy about telling an agent you don,t have a lot of disposable income, and explain that you plan on staying out of the office during the disabled person,s recovery period. If you can show them that you will have enough income to make the premiums affordable, you may get a better long-term disability insurance quote.
Ask specific questions. Don,t be afraid to ask basic questions about benefits and costs. Many long-term disability insurance quotes have questions on them that aren,t really related to the plan itself. Ask about the standard of care, the maximum benefit amount, the lifetime maximum (if any), monthly premiums, the average time that a claim is processed, whether there are any exceptions, and if so, how many of them there are. The more you know about the product, the better prepared you will be when it,s time to sign up.
Ask questions. Once you,ve picked out a policy and found out what it covers, you,ll need to know everything possible about the insurance. This includes what is and isn,t covered by your particular insurance provider, the medical treatment you can get for certain problems, how payments are calculated, and what your obligations are. You need to know all this in order to make sure that you,re protected in the event of an accident or other problem.
If you,re wondering whether or not you,re eligible for a long-term disability insurance quote, the answer is almost always. The Social Security Administration recently changed the definition of disability to allow anyone who has suffered an injury or illness for over twenty years to apply for benefits. If you meet these strict new guidelines, you should definitely shop around for the best price. But don,t take the process too seriously: there,s no guarantee you,ll find the cheapest policy, but there,s also no guarantee you won,t.