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Factors When Buying Disability Insurance

For many, the real solution to the disability problem is individual disability income insurance.  Although individual policies may cost you more, as long as you pay the premiums the benefits are not taxable.  Plus, an individual policy allows you to tailor its terms to fit your own needs.  Factors to consider when shopping for an individual disability policy include:

·       Company strength:  You need to know if the company is financially sound.

·       Definition of disability: Look for a policy that defines disability in the broadest   
        terms possible.  Some policies will permit you to work in a different occupation
        and still collect disability benefits. 

·       Elimination period: How long must you wait before disability premiums begin?

·       Benefit period: How long will you need coverage?  Both short-term and long-term
        disability benefits are available. 

·       Inflation Protection:  Try to find a policy that adjusts benefits for inflation.